Use whatever technicals or fundamentals you like. Here I’ve just drawn out what looks like a (admittedly weak) double top and a longer term bearish flag indicating a bear trap formed and this market is now artificially inflated with a plunge down to March lows imminent. You could Elliott wave this to show the imminent coming of wave 3 down (wave 3 always the longest) indicating a sharp drop is on the horizon, whereby the lows formed in March must be re-tested and maybe even broken as the dark reality of 2020 sets in.
Fundamentally, the US is bleeding and whatever plasters the FED/Trump/others are trying to put over the economy are unsustainable and mendacious, things are going to get a lot worse. The recovery won’t be V-shaped this will be drawn out and may even be a new norm for a while. Either way, the rally must come to an end and I think the 200EMA rejection is a sensible place for the bulls to exit the market and the market to resume down (the market obviously having already priced in the terrible US fundamentals). I will be watching this like a hawk over the next few months.