SPY completed a Double Top on August 23, 2016. This common signal should allow for some downtrend in the future. The question is at what level will support be found. After the "RUMINT" from Jackson Hole was released, the first level of support was broken.
A 10% correction from the Double Top would occur around 198, which is Support Level 5. Depending on how fast Level 5 is broken, the market could be in freefall mode at this time.
In summary, we are going down, but question is how far