SPY Weekly Chart: Rising Wedge Signals Imminent Pullback

SPY Weekly Chart Overview (Current Price: ~637)
🧭 Context:
Indicators: TEMA (13/21/50) & RSI (14)

Price is extended, RSI near overbought (65.87), and forming a rising wedge — a bearish pattern.

🔻 Bearish Setup: Rising wedge signals possible reversal.
Momentum weakening despite higher highs.
Price extended above TEMA — a 600–610 pullback looks likely.

📊 Key Levels:Resistance: 672
Support: 611–600 → 578 → 488

Break below 600 could trigger broad downside.
🟢 Bullish Case:
Breakout above 672 with volume = momentum continuation (AI/FOMO driven).
🎯 Conclusion:
SPY is technically stretched. Risk/reward favors caution.
Watch for pullback to 600–610