Is the relief rally over?

So far spy has failed to regain 200 dema. Price has been consolidating higher on decreasing volume. Today price opened below trendline of past few weeks rally, retested it and it acted as resistance. CPI is obviously a catalyst tomorrow. But based on technicals I’m leaning bearish. Not to mention nonfarm payrolls last week were great and spy sold off 1% instantly in the premarket. This makes me think lower CPI may actually trigger selling and higher CPI buying. I think the market is realizing the FED may not ease off as soon as bulls hoped. Could get nasty pretty quick IMO