The S&P 500 Index ($SPX) recently broke out of a Cup and Handle pattern, surpassing its previous all-time high 12 sessions ago. However, since then, the market has been trading within a 100-point range, exhibiting choppy behavior similar to late August. Despite a gap down, the bulls have managed to hold the key price level of 5730. The $SPY has seen significant movement around the $565 mark, which is considered a major support level. Market participants are also wary of a potential false breakdown.