SPY- Bearish- Update

Posting a quick update here on the SPY as a lot has transpired in financial markets over the past few months. The SPY has been driven by buyer volume and momentum. Prime examples include but aren't limited to, NVDA-reported earnings, following the existing hype surrounding the AI Sector, which for lack of better words, has created a bubble in itself by only furthering the existing momentum. Simultaneously, while 5 stocks carry the S&P, smaller-cap names have been trading sideways or have been getting crushed amid all of the intraday volatility, creating the market that we're currently in; over-extended, with no fundamental rationale to support it considering the state of the economy. Where I stand, we're in unchartered territory. Interest rates already being very high, the 30-year hitting 7% last week, a strong job market, and the NAIRU remaining above 4% along with the NROU at 4.22% and the NAIRU being.
SPY-Weekly

On a technical note, pictured on the chart are two massive bearish megaphones, one drawn in red, and the other blue. The RSI on the SPY is bordering on overbought territory, the VIXY is looking very bullish, holding a large falling wedge, with momentum increasing as the Heiken Ashi Candles indicate. With the USD sliding and geo-political turmoil rising, the markets are in unchartered territory. Treading lightly here, again, some RSI-based supply and demand zones to keep an eye on in the interim along with key support and resistance levels in white, bearish short-term & eyeing long-term holds to scale into.
VIXY - Daily

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