The strategy is to sell overbought rallies after RgMov puts on a new 44 bar low, until it makes a new 44 bar high, and viceversa.
Specifics of entry and exit are reserved for my trading course students naturally, but you can obtain some tips from Tim West's publications on the subject. To use these indicators you need to acquire the 'Key Hidden Levels' indicator pack though.
To me it's clear we can look to long SDS when SPY gets overbought in this timeframe, and we get signs of weakness.
That would be cheaper than shorting SPY directly, but mostly good for short term operations.
Multiple timeframes are giving signals here, so I think the sell side is the safest one right now.
Although, I expect to see frequent pullbacks on the way down, unless we really see a sharp decline next week.
Keep an eye on the post G20 meeting activity after the weekly open, and specially after Labor day in the US.