1. SPX weekly chart has been trading in an upward channel since the low of Oct 22. It tried to breakout of the upper end of the channel a couple of weeks back but failed. We have now seen the rejection and a bearish bar from that location.
2. The pivot high of Jan 2023 at 4200 could act as support now. The level coincides with the bottom of the channel too, as indicated on the chart.
We could possibly get to 4200 in the next 8 to 10 weeks.