According to Mihir (@RhythmicAnalyst), the S&P 500 Index has experienced four major drops since 2000, each indicated by Mihir's oscillator tool. However, currently, there is no such signal, suggesting there is no cycle-level downside indication at this time. This analysis implies that traders may not need to prepare for an imminent cycle-level decline in the S&P 500, based on Mihir's oscillator.