This is one scenario we could consider for the indexes. We have a dozen, but this one is, in my opinion, the most likely, since it is in accordance with some elliot wave counts that I have seen in other blogs.
The range 880-885 is a key level. If, in the coming days, the S & P 500 closes over this level, we have to change the hypothesis. The head and shoulder would be invalid, and then, this range is a good number to put your stops in case you had gone short.
We can see the 200 DMA acting as a resistance (dotted yellow line), the 50 DMA broken support (dotted green line) and the Andrew's Pitchfork channels on both, DOW JONES and SPY.
It is worth note that in the SPY, the 200 DMA is supporting the downward pressure, while in the DOW JONES is playing as resistance.