As usual there are several ways of drawing lines. Here’s what I’m seeing on SPY after today’s close — it may or may not bounce from the bottom of this uptrending channel. Note that short-term RSI shows a mildly oversold condition and it’s pointing up.

However, MACD rolled over today (not shown) and full stochastics are still in overbought territory.

Anyway, the chart illustrates what I said pretty plainly.

Click to enlarge