Below is a weekly view of the S&P 500. Looks like a mid-January 20w low coming up with maybe some additional turbulence into late January or early February given the dominance of the 40w price wave.
Below is an old school Walter Bressert 10 wk EMA of a 10 wk RSI (Google it). Similar to a DPO (displaced price oscillator) but it calculates to the end of the price series. I occasionally use it to preprocess data, plus it helps my befuddled mind with phasing and cycle dominance when looking at weekly charts. Confirms the 40w nominal cycle is currently running things.