SPX is expected to pull back in the coming August and September.

1. Seasonal Patterns: The chart shows that historically, August and September tend to have negative performance for the S&P 500 (SPX). August has an average return of -0.05%, while September shows an average of -1.83%.
   
2. Current Trend: The recent price action shows a significant downturn, which could continue into these traditionally weak months.
   
3. Volatility: The large red candle on the most recent bar suggests increased volatility, which often precedes further pullbacks.
   
4. Volume: The high volume accompanying the recent drop (7.191B) indicates strong selling pressure, which might persist.
   
5. Technical Setup: The double top formation visible on the chart often precedes extended downward moves.
   

Trading Recommendations:

1. Short-term Short: Given the clear downtrend and technical patterns, further decline is possible. Consider establishing short positions for the short term.
   
2. Set Stop-Loss: If going short, suggest placing stop-loss just above previous highs, around 5,600-5,650 points.
   
3. Target: First target could be set near 5,200 points, a potential support level.
   
4. Watch for Rebounds: If a strong rebound occurs, especially with high volume, it might present a long opportunity.
   
5. Risk Management: Given high market volatility, use smaller position sizes and adhere strictly to stop-losses.