S&P 500 - Sell off warning?!

S&P 500 reached its All-Time High at 5,669.67 on 16/8/2024 and followed a second attempt to breach this high on 26/9/24 and form a lower high at 5,661.62 where the price currently continues to trade lower. The pattern can be seen as a double top or failure swing (either hasn't developed yet) indicating a probable major reversal. A bounce-back attempt can be hidden with a price currently trading at psychological 5,500. However, a further continuation lower is more possible with the 200-day SMA at 5,153 curving higher and MACD bearish crossover indicating a potential continuation lower around 5,400. A further continuation lower brings to the spotlight the recent low at 5,118.