SPY weekly party is over for sure

The SPY weekly chart was in a rising wedge which was broken this week after the bad inflation report and when reality did start to kick in. This indicates that the SPY will likely continue to move down, and possibly sharply. The first major support level could be the green line, the 20-week MA, but it is not likely to hold strongly. The major support level on the weekly chart should be the 200-week MA and ultimately the recent low, which could be broken during 2023 if inflation doesn't stop and the Fed continues with aggressive interest rate increases.

Volume is lower than the 20-week average volume.
The price has dropped below the 50-week MA but is still above the 20 and 200-week MA.
The price on the RSI has also dropped below the support trend line, which is bearish.
The MACD is ticking lower, while both the MACD line and signal line are around the zero line, an area of support or resistance.

Overall: the SPY has fallen out of the rising wedge, which is a bearish move and could bring the SPY lower. It seems that the bullish FOMO and hype party due to the imaginary Fed pivot or soft landing is finally over. Also, given the fact that retail traders are at their high with buying stock, and they are buying $1.5 billion worth of stock daily, it is likely that the move down will be sharp and strong, especially when fear of this fake rally kicks in.