It would be better to wait a week or so, but the sample size is small.
My tests require the SPY to be trading beneath both the 50 and 200 day moving averages (as it is now).
The sample size was small with only 8 occurrences over all SPY history, including buying today at the close.
No commissions or slippage was used. All buys and sells were made at the close.
The horizontal axis shows the number of days after the buy was made. The above graph shows that over an intermediate time frame, this is a bullish development. Over a short time frame, not-so-bullish.
This graph shows that it is not a high-probability trade to be buying after 5 consecutive higher closes on the SPY.