The S&P 500 futures ($ES_F) experienced a significant downside move, marking the largest dip since April 30th. The market hit a high of 5368.25 but reversed to 5275.00, showing a bearish engulfing pattern. Traders are monitoring key levels like 5294 and 5273-65. Options volatility has increased, with significant changes in IV levels. Market sentiment is cautious, with concerns about bearish signals and the need for buyers to reclaim resistance levels. Traders are watching key zones like 5332-5336 for potential selling opportunities and are anticipating bullish moves if certain levels hold. The market outlook includes discussions on potential buy zones and the impact of recent price movements on trading strategies.