S&P is represented by the ES E-Mini Futures Contract in the Futures Market is the best representation because the ES Charts include all Overnight trading activity providing a more continuous data stream for the Market Zones Algorithm
As anticipated in previous S&P posts indeed it fell below 4000, question is could it continue below 3300?
Figure 1 below In the Half a Day (520 Min) Chart the price is still above the Mid Zones "Fair Value" range of 3300, according to Zones theory it will have to work itself to there initially and then the moving average must cross below dead center mid line of the Middle Zone currently at 3300
Figure 2 below In the Daily the Price is very well above the Middle Zone 2700 range so there is much room to fall, with the Zones "gravitational force to Middle" would have to be considered to be in effect due to the fact that it has been a very very long time since it reached Mid Zone previously - it crosses Mid Zone last around 2010! But no downward gravitational pull precludes temporary bounces back up.
And indeed Figure 3 below 120 Minute is in the Lower Extreme, with fairly widely spaced apart lines so would not be surprising if it never falls much below 3500, it could very well bounce up towards the Upper Zone 4200 range as a first step and even potentially 4700, the Mid Range on this Chart!
As such some game plans are to try a tight 150 point stop loss counter-trend Buy at say current 3700 with an exit at 4200.
More conservatively just stay away right now and either be flat right away or Short into any sort of strength back above 4200 or even 4700 is not a resumption but an opportunity to sell or Sell Short, it is very difficult at this stage of to avoid hitting 3300 or even 2700 ranges eventually (these are the Mid Zones in the 520 and Daily charts respectively) but it may not necessarily be a straight line to there.
To sum up, based purely on Market Zones, at 3700 (current) it seems too risky to buy or sell short being flat is prudent. Aggressive trading would be to Buy 3500-3700 with a Stop Loss at 3400 and Profit Target anywhere from 3900 - 4200, certainly keep tightening Stop Loss as it moves up would be prudent. Shorting at 3700 (current) is a high risk idea because some of the smaller time frame Charts like 120 Minute are in the Lower Extreme with widely spaced apart lines not an ideal Short set-up (due to the possibility of reversal).
Figure 1: ES 520 Min Chart - Moving Towards Mid Zone - Bearish
Figure 2: ES Daily Chart - Moving Towards Mid Zone - Bearish
Figure 3: ES 120 Min Chart - In Lower Extreme Zone - Bullish