I use the RSI and MACD together to get my analysis. On the Monthly SPY remains over bought. On the Daily it is approaching overbought. However, Using just the RSI is not a reliable tool alone. Looking at the spread of the MACD , will show us a little more of the potential pull back. The pattern of the Chart always is more reliable then the technical indicators....
As we are all well aware, February is a tough month in any indices . SPX/SPY is no different, not special but just as you see it laid out on this chart here. To say history doesn't repeat itself is absurd. What you see here is the 15 Minute Chart and the Monthly chart with RSI. Feel free to have a looksie. You will see we are just coming out of monthly Bull ...