From a technical pow Spx is approaching a strong resistance (that was a support previously) on the upper line of the channel it is currently in. There's also a gap around 4000 area, I expect a drop to 4000, short relief and then a continuation towards the lower bound of the channel. This idea is corroborated by the data that shows the recent up move has been caused by retail traders and quant funds. this Funds are at record invested and can't buy anymore according to JP Morgan data. If a correction starts they will be forced to sell and the drop could be exacerbated by option sellers being forced to sell causing a sharp drop in price. All of this with the banking situation threat.
A weak point of this theory from a technical perspective is that the resistance will be tested for the third time so a breakout if will happen will happen now. A third-time rejection on the other hand would be a strong short signal.
A weak point of this theory from a technical perspective is that the resistance will be tested for the third time so a breakout if will happen will happen now. A third-time rejection on the other hand would be a strong short signal.