SPY Forming a Wyckoff Distribution

It looks like SPY has formed a textbook example of the Wyckoff distribution.
While we were at the most purchased level, almost cracking the March 2022 high and bulls getting ready to push for a breach of the all time high the market sold off heavily today.

I believe just an hour before the sell off there was an article saying the DOW was at 13 consecutive winning days and was about to crack a record not set since 1897. Extreme greed.

Based on what was going on with insider buys vs sales and smart vs dumb money there was an inkling that we may have been undergoing distribution, the big players were selling into retail leading up to the FOMC meeting. Once retail heard what they felt was bullish news they flooded the market with buy orders and those were quickly eaten during todays trading session and bulls did not turn things around.

I have labeled the chart and we have hit every key point of the Wyckoff Distribution, right now we are in the Last Point of Supply and so we should hold here for a moment and then begin the markdown phase.

Just my observations and opinions.