Yes, it could happen. But given the mayhem in the Russell which has led to the downside in this market, and is already testing its 80 week moving average, it is likely that S&P will soon follow suit, and test its 80 week. Remember, there had been a carry trade of sorts going on with funds and other characters selling puts on the SPX and using proceeds to buy calls on the iShares Russell 200 Indes (NYSEARCA:IWM). They ended up being too long on the SPX, and also had to scramble to dump long bets on the IWM.
The open interest condition on SPX and SPY can change by the end of the week, so it will need to be monitored going into Friday's expiration.