The S&P 500 Index (SPX) is currently down 7% from its recent peak, with the author anticipating a total drop of 10% in the near term. Technical analysis suggests that major lows for the SPX are expected later this year, characterized by a downward trend interspersed with relief rallies. The provided chart visualizes this decline, showing the index falling from approximately 7,000 toward the 6,500 level.