The Weekly chart for SPX has formed a well defined Rounded Trajectory. Whereas SPX found support at the red 200 weekly moving average earlier this year, SPX is now approaching resistance from the blue 50 weekly moving average which is also declining sharply and thus pressuring to the downside.
It seems unlikely that SPX will be able to muster the velocity needed to break free from the gravitational pull that has been pulling it downwards.
The most probable trajectory is as shown. While there is minor upside potential short term, a test of the red 200 weekly moving average is quite likely in the months ahead.