S&P 500 in trouble if it does not hold

Looking at the 2 major channels for the S&P 500 (note this is on VOO which is a few dollars off of SPY or IVV, but trends are same), you can see that it is currently below the blue channel that it has used over the last few years. I pointed out the obvious places where it has used if for support. IMO, if the S&P below this channel this week, then a lot more downside is coming and the super bull market of the last 2 years is dead. The next obvious place to fall is the center line of the black channel.

1W


4h


30min