The S&P 500 Index ($SPX) has filled a significant gap and is now facing critical support levels. Traders are closely monitoring the 5,400 level for potential options-derived support, with some anticipating a break below this threshold. Market sentiment remains bearish, with discussions about potentially hitting new monthly lows and the possibility of trading around the 5,300 level. The market's rapid movement has prompted traders to watch last Friday's lows for further indications. Additionally, there is processing of 35%+ gains, with hopes to hit 100%+.