On August 26, 2024, the S&P 500 Index ($SPX) experienced significant trading activity, with key levels being closely monitored by market participants. The index faced an important test at the 5642 mark, with analysts suggesting that holding above this level could attract further buying interest. The low recorded on August 23, during Federal Reserve Chair Jerome Powell's speech at Jackson Hole, was noted at 5585.16. Observers indicated that the $SPX was in a consolidation phase, particularly around the 5600 level, which has become a sideways zone. The $VIX, a measure of market volatility, appears to have stabilized, suggesting a potential bottom. Traders also highlighted the importance of maintaining a level above 560.76 to avoid further sell-offs, with a potential bounce back to 563 if conditions allow. Overall, the trading day was characterized by healthy consolidation, with the 5600 strike acting as a focal point throughout the session.