Not taking the buy signal on $SPY

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I received a buy signal on Friday on SPY             but thought better of taking it. As you can see on the renko chart the stochastic is nearly at the point of rolling over and the MACD histogram is shrinking. Both of these indicators tell me the rally is preparing to pause and sell off. How far this selloff will run I can't predict now but opening a new position here seems very risky to me.
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