The S&P 500 is trading near an inflection point, Piper Sandler analysts warned, flagging a key resistance level that could signal more declines ahead.

The S&P 500 Index fell 1% as of 1:53 p.m. in New York, on course for a fourth week of losses — the longest losing streak in a year. Energy and financials were the only sectors in the green, with the consumer discretionary and tech among the biggest losers.