The S&P has pulled back from its high to the 200-day line, with a retracement of about 7%. From the perspective of support and resistance, this is a very critical support level. It is not ruled out that the US stock market will rebound from an oversold level in the next few days.
Something has just happened to the US stock market that has not happened since June 2022. The Fed's GDP forecast turned negative for the first time in three years.
This is the model used by the Federal Reserve to measure economic activity in real time.