If you look back over this long correction since the beginning of the year, every time the price closed with a red candle below the lower bound of the 20 day moving average the price continued to move lower. I don't see why this time is any different.
I would expect support at the $380 and maybe down to the $375 level. That would bring the S&P right around the mid line of the channel. After that, don't know.
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Price failed to recapture 20 day and is high likely going to continue its downward trend next week.
🤑 Great! Was looking through the asset and ideas related to it and held the same opinion. My opinion was only supported with the arguments of your idea)