S&P E-mini Futures is in an ascending wedge pattern on the daily timeframe. This pattern can also be found on other time frames if one should prefer the weekly for example.
A break below 3130, and consequently another candle close below this level on high volume would confirm the break. The measured move for this pattern is easily 25% to the downside, perhaps even more.
All momentum oscillators show there is now a lot of room for this move to happen. A break and close above the 3231 level would invalidate the pattern. There are several support levels to the downside, and I do expect a small bounce / bear flag to form before we break (IF we break).