We are seeing another round of sharp selloffs since last week. This sell-off in the S&P500 index is now breaking below the consolidation structure we seen since November and is likely going to test the low on the year around 2540. S&P 500 Daily Chart (click to enlarge) 2540 Will be Vulnerable:- The market is likely going to drag the S&P500 down to its 2018-low. - Furthermore, the fact that price found resistance from the moving average cluster suggests strong bearish bias ahead.- The RSI also held under 60, which suggests bearish momentum is still intact.- With these bearish signs, I would not rely on the 2540 for support.- I think we are likely going to fall towards the next support area between 2400 and 2425.- Note that if price gets to the 2400 area, it will be around the 200-week simple moving average (SMA), which could be another factor the market looks for to anticipate support.- Below 2400, the next key S&P 500 Weekly Chart (click to enlarge)