How much will S&P fall?

Actually nobody can predict? But if you trade long enough, you will know where roughly it will goes. Let goes thru the basic of technical analysis.

First, when do we use technical analysis? If you analysising a short term trade (typically less than 3 months) or suddenly rise and fall or trading, technical analysis will help you timely.

I have shorter time during start of the month. I use some fairly to use indicator to help you find roughly where will the drop goes. 

I draw 2 simply line, 1st near to 3826, 2nd 3636.87. These are support line of S&P 500. Support line are the imgainary line that investors has in mind, they will always trade towards support line, hope for a while and news if bad, it will goes further south. 

I am long on QQQ for long term but i also wants to cover my call for short term. Typically i will buy put option at current price and sell a put option at 3636.87 to protect my QQQ call at the same time to participate in the bear run. How long the option should i buy? You can based on tools to calculate how long QQQ will fall to 3636.87 from current level (typically 20 to 30 days) in this way. Sell put will help me to gain some money to write off call put i purchase. If the price goes south, i can close my trade early to get high iv gain or wait for my options pair to expiry