SPY closes below 20 EMA

SPY has been above its 20 day EMA (green line) since early March and today was the first day that we closed below. It wouldn't be out of the ordinary for price to make a beeline for both the rising 50 day moving average and the falling 200 period moving average. If those resistance levels are broken there isn't much to prop up the price.

Notice also how the MACD had been declining the entire time that price has been going up. This should provide some "pause" for those of you who are ridiculously bullish. This would probably be a good time for those holding long positions to lighten up.