SPY setting up for downside

SPY bounced off of 50EMA however it did put a lower low. Clear signal of weakness. Market i think is getting ready for two major uncertainities. Fall Covid-19 situation and presidential election in November. Both have major impact. I think there is more downside but i could be wrong.
there is a higher probability of market retracing to 38% or near 200 EMA atleast before it consolidates and gets ready to resume the uptrend. Covid death numbers coming from Dr. Fauci is scary. Projected 400K deaths by Jan.2021. China story is still hanging on our head. All in all it all pointing to bearish sentiments. Not to mention all big tech stocks are still overvalued and may need to come down before institutions can put some interest.This is just an opinion. Please do your own homework before buying or selling any financial asset.