Trump is doing the worst ever seen from an incumbent going for reelection. I don't see how it could get much worse realistically.
Trump will either be the least popular president re-elected or the most popular president to lose reelection.
If you look at Trump's approvals, he's about 6 pts off where H.W./Carter were during their fall campaigns, and another 6 pts behind W. and Obama.
One thing you have to consider is that there are far fewer people who have a positive view of both canidates. This means that whatever Trump's approval is is prolly his hard floor barring some big screw up (43%), but he's definately not winning many of the voters who consistently disapprove of him either (52%). Most people have made up their mind by now about weather they like the dude or not, and as we get closer to election, there will be fewer and fewer people who say they disapprove of him and yet vote for him. Either way, he's losing to Biden by 7.6% nationally in my polling average, and the race really hasn't tightened (in terms of raw electoral votes yes, a little bit, but probability no, because with each passing day uncertainty goes down).