S&P 500 Index Breaks Below 5000, SPDR S&P 500 ETF Faces Selling Pressure at Key Support Levels

The S&P 500 index ($SPX) and the SPDR S&P 500 ETF ($SPY) faced significant pressure as key support levels were tested and breached, with $SPX breaking below 5000. Market participants closely monitored the 5000 level, anticipating potential bounces or further downside moves. Traders highlighted technical levels, such as the 50% retracement near 495 and gaps that needed filling. The breach of key support triggered selling pressure and concerns about future market movements.