This is a purely technical analysis. We have some strong bearish signals coming out of the S&P 500 Index (SPX) chart.
First, we have a rising wedge, marked with orange dotted lines which tend to close bearish (this pattern can lead to a drop).
A peak was hit in May, we now have a higher high but bearish divergence is strong.
Bearish Divergence with the MACD and RSI
We have a very strong bearish divergence with the MACD and RSI.
We can easily notice the SPX closing higher while the mentioned indicators are closing lower.
Conclusion
When this drop develops, we are likely to see EMA100 tested since EMA50 has already been tested before. This drop can take the SPX to 4030 or lower.
It can take 1-3 months to see this drop develop. It is quite hard to guess the exact date but the signals are there... It is now only a matter of time.