The S&P 500 ETF ($SPY) has recently experienced significant trading activity, breaking below a two-week range and subsequently filling a gap at $543.75. This movement has been closely watched by traders, with many speculating on whether the ETF will hold above the gap or continue lower. The retracement zone of the recent rally has been noted at 38.2%. The market's direction may be influenced by the upcoming jobs report. The $SPX also filled its gap, and there is notable bearishness among the macro crowd.