helps us see how price resists time. We can formulate an idea about how a potential bounce might occur. Also, at the moment, the SPY seems to be already bouncing off a high , and it's going into a (266-268), at the same time it's going into season (which is expected to be positive).
In my view, we'll blow past this resistance areas and retest 270 in April, then chop around the 50DMA as the market digests reports and the current geopolitical events (trade wars, North Korea, Fed Hikes and rates, LIBOR, et al).
Fundamentals are relative to rates, but at this time, given current projections the market isn't overvalued. If anything it'd be undervalued after the correction we've seen since Feb 2018. Some tech companies might be somewhat overvalued though, so I'd keep an eye on that (about 20% of the market is big tech).
In short, right now it's an excellent BUY. Time frame: 1-3 weeks.