This table shows the history of SPY when the previous day RSI2 was less than 2 and today makes a 52 week low. So basically price was already oversold to an extreme level, and then makes a 52 week low the next day. The implication is high probability (90%+) of a high close within the next 5 days.
This is an hourly chart of SPY showing a stark bullish divergence on the MACD at today's lows. While I don't have a way to back test the significance of this, but in conjunction with the daily time frame price action, this shows a set-up where a 15-60 min chart could be "stalked" for a technical entry signal, with a stop below the low.
I any case it shows that momentum may be slowing, which is typical before a rebound.
Just a longer term note.......there is extreme fear and correlated selling in markets right now by many measures. I have seen many indications that buying and holding for a year from the current levels would have a high probability of success based upon historical precedents.
