Analyzing Support in the S&P 500: $SPY Chart Insights

Has the S&P 500 Found a Support Area?
I have closely examined the SPY chart to determine whether the recent correction of 5% plus has reached a bottom. While the answer is uncertain, the chart suggests that the index dropped to a level of interest and subsequently bounced today. However, it remains unclear if today’s bounce signals a true reversal or is simply a temporary movement.
Criteria for Increasing Risk Exposure
To consider re-entering a larger position in the SPY ETF, which I previously trimmed after the price fell below the red 50-day moving average (DMA), I am looking for two critical signals. First, the price must recover the 50 DMA. Second, it needs to break above the downward-sloping trendline. Only if both conditions are met would I contemplate increasing my risk exposure.
Current Approach
At this stage, I am focused solely on observing present conditions and potential future developments. I am refraining from taking further action until clearer signals emerge from the chart.