First weekly chart shows the S&P 500 testing trend line resistance, and the moving averages indicate that the trend is sideways biased down. Subsequent charts zoom in to clarify the picture. Red vertical lines indicate that I think May 2008 could be a good analogy for where the market is now. Cascade decline ahead?
Second chart zooms in on recent action. A decline below 2020 in coming weeks would turn the trend to fully down (trend as indicated by the moving averages), and also raise the odds that the market had turned decisively lower from trend line resistance. A cascade lower as per 2008 would then be on the cards. Let's see.
Last chart zooms in on the action from late to 2007 to early 2009, for the record, and to show what can happen when the market trend turns decisively down. The red vertical line marks the beginning of the ferocious 2008 decline.