$SPX S&P 500 has stayed within Bearish Channel as it falls 3.85%

$SPX S&P 500 has been trading within typical bearish channel and almost touched the high near 4100 when it fell again on Wednesday. The index ETF is down by almost 4% amidst heavy selling and probably short term profit booking. Also, as the monthly options expire on Friday, the traders are probably looking for settlement.