SPY Set Up for a Major Drop Towards $272

SPY has previously broken out of the bearish wedge that has been forming this past year and has stayed below the lower trend line of the bearish wedge. This bearish wedge has a target back towards the major support of $272. In addition to the breakout below the bearish wedge, we have a strong double top forming around $302 within the two orange circles. The double top also has a target of $272 with the two pink circles. The overall target is around $272 based on technicals and the MACD is also heading for a bearish crossover to indicating a drop in the next few months.