A summary of the last 5 recessions since 1981... These recessions triggered declines of at least 20%. The Great Recession from December 2007 to June 2009 was the one that most affected the market with a decrease of about 57%. Regarding macroeconomics, the Americans are currently implementing a monetary tightening policies and have announced a final interest rate hike before the end of the year, so in my opinion, a recession is now inevitable.
The SPX is currently forming a tweezer top on the 3-month timeframe... In my opinion, a 35% decline is possible to test the M Neckline (entry gate).