Looks like maybe safe to start accumulating some long positions SPY around 410 area. Yes, I loaded some (around 30%) SPY today, stop cut will be around SPY 395.  It is kind of still aggressive (left-trading) for this portion of positions. 

The market is still in big distribution phase, and did not see signal of changing direction yet. But maybe too later for me to start a new Short position at this point.

Good luck.