SPY daily.
Lots of negative indications.
MACD, Elder bars, EMA 20 50 100, Bollinger Bands, Trendlines ... All down.
Breakdown out of a base.
Pushing down beneath the June low.
For now, for this trader, the bias is down.
How about all that volume? Some capitulation of course. But there is a huge amount of short selling.
How about a double bottom? Still possible, but the odds are against it. A longer pause is also possible, extending the base.
Just in my opinion.
Charts posted are not recommendations. They are just a sharing of information.