The S&P index has fallen below its 200 hour moving average currently at 3054.74. At the same level is the 38.2% retracement of the move up from the May 14 swing low (at 3054.47). Close risk now comes in against that moving average level.
Back on June 12 and June 15, the price did fall below the moving average level only to rebound fairly quickly. Traders will be watching to see if the same pattern exists on the current bar (first one below the 200 hour MA since those days).
There has been a lot of chatter about rebalancing at the end of the month at of stocks into bonds. It seems the market is getting a head start with the coronavirus spikes and quarantines adding to the bearish fundamental story. If the price can stay below the 200 hour moving average, that fundamental story and technical story remain fully in sync.