I would be careful of buying SPY at this point due to JNK at top of its BB and WTIC downturn.

JNK leads SPY

http://stockcharts.com/h-sc/ui?s=JNK&p=D&yr=1&mn=0&dy=0&id=p42768446259

$WTIC leads SPY

http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&yr=1&mn=0&dy=0&id=p56793667557

The most interesting here is how junk bonds lead the SPY! I have added both links to secondary indicators.