Take note of the higher lows in OBV and RSI. These are good signs for SPY. Today’s breakout lacked volume, the divergences lead me to believe the moving average might hold.
SPY: Positive Divergence and Moving Average Breakout
Trading Stocks & Personal Development: Making the Complex Simple.
Take note of the higher lows in OBV and RSI. These are good signs for SPY. Today’s breakout lacked volume, the divergences lead me to believe the moving average might hold.
Paul J Singh 
The basic idea here for trading pullbacks is that once price has exhibited an impulse move as indicated by a cross of the moving averages, to wait for price to pullback and then trigger a trade once price resumes it's move in the direction of the original impulse wave. With pullback trading as opposed to breakout trading, you're looking to buy on weakness after a recent strong move up or short on strength after a recent strong move down
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