The S&P 500 is breaking down today as some earnings numbers have disappointed the market's expectations. This market may not be done declining. According to the chart I marked up, we could see a decline to the high 2400s, perhaps around 2475. See the trend line support area here:
Interestingly, both stocks and bonds are down today. Housing starts roared higher today, indicating underlying strength in the housing market and even potentially indicating inflationary pressures. I would not be surprised to see the bond prices head lower from here, potentially at least another 3%.