I use the 'Supertrend' indicator, Period = 7, Multiplier = 3, and if you try this on a 4-hr timeframe for SPY, you'll see that has been below the red line since Feb 21st. I will not feel confident in going long, until it crosses this trendline into green. My opinion is that the market will keep doing a dead cat bounce every now and then (like today), and keep falling until it stays below the trendline.
Thoughts?