30 Day RSI - back to 50

The shaded areas in the following charts (click to enlarge) indicate periods when the 30 day RSI has traded above (or at) 50.

Lately, anytime this metric has gotten to 50; however, the underlying index has quickly retreated. Of course, just like every time, this time is different...

After Monday's rally, SPY is now trading above its 50 day MA. I read a good point about this 7% day. To paraphrase: 'even in the strongest of bull markets, you don't see 7% up days. You see these violent short covering rallies in bear market rallies, period.'
That said, realize that this rally may very well continue for a couple months but don't lose sight of the big picture. Selling seemed a little weak today but yesterday's high held as well - I would consider today more bullish than bearish. Where this week finishes will be significant.

SPY


QQQQ