9/17 shows the rectification of xEM signals. This reflects the recent failed breakout of the shorter term averages.
QQQ has already broken through the 54 day moving average, SPY is attempting to hold above there.
This could be a reasonable bottom formation. Otherwise, a break lower out of this congestion suggests an intermediate level decline. That can be estimated by High1 – Low1 = High2 – Low2. For SPY 358.75 – 331.00 = 27.75 343.06 – 27.75 = 315.31.
That move would land in between the 13 and 52 week moving averages. It is hard to imagine something like that or worse not happening before November.