Is there another leg down for S&P 500? $SPX

We are now in 1st October 2021.

Looking at the Daily S&P 500 Futures Chart, I’m seeing strong evidence of further bearish trend with the 20 EMA crossing over the 50 EMA.

Potentially, the index may dip to 4130 which is the daily 200 MA level.

Further downside is possible

Looking at the Weekly Chart, I’m seeing a possible further 5% downside for next week(s). Note that we are already -5% down. This would mean total of 10% correction. Beyond that, based on historical – it would seem that a bullish case is more likely over a bearish case. However it would be prudent to wait for a trend reversal sign.

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