The S&P 500 index experienced a notable downturn, as it surrendered its 50-day moving average, indicating a potential shift to a bearish market. This downturn was marked by a rejection at the $415-$416 level and a 3% pullback, followed by a drop below the critical 8-day and 21-day moving averages. Market analysts highlighted the index's failure to reclaim these levels and pointed out the increasing risk-off environment. The next target for the index is expected to be the gap to the downside, with an emphasis on monitoring Friday's low.