For the last rise from 493.56 to 518.22 AMEX:SPY has retraced 38.2% levels and is now at 21 day support.
61.8% of the move is 503 levels. So it is crucial that AMEX:SPY holds that level for any uptrend now to continue.
Buy on daily is only above 518.5 levels.
For the day in 15 minutes chart consider the last fall 514.94 to 509.36. Buy is only bove 514 levels being 200 average on 15 minutes. I am biased to short around 512-513 levels for 505-506 as targets for the week.
AMEX:SPY made 2 LL around 508.87 and 508.36. There was an oscillator divergence hence it went up from 50.36 to 510.54 levels.