import pandas as pd

def signals(data: pd.DataFrame) -> pd.Series:
    """
    Generate trading signals based on the following rules:
    1. SPY is above its 200-day moving average.
    2. Enter a long position if SPY closes at a 5-day low.

    This strategy is based on the Double 7's strategy by Larry Connors.

    Returns a Series with 'L' for long signals and 'N' for no signal.
    """
    ma_200 = data['Close'].rolling(window = 200).mean()
    low_5_day = data['Close'].rolling(window = 5).min()

    above_200_ma = data['Close'] > ma_200
    at_5_day_low = data['Close'] == low_5_day

    signals = pd.Series('N', index = data.index)
    signals[above_200_ma & at_5_day_low] = 'L'

    return signals