The S&P 500 and SPY ETF experienced significant trading pressure, with both indices showing signs of weakness. The SPY ETF closed below the 8/21 day moving average and ended at $512, after a 3% pullback. It also failed to hold above the $415-$416 and $515-$516 levels, indicating a bearish trend. The index is now approaching a critical support zone between $4818 and $4800, and is watching Friday's low as a key level. Market analysts have highlighted the importance of these levels, suggesting that a failure to hold could lead to further declines. The overall market sentiment is cautious, with a focus on upcoming trading sessions to determine if the indices can reclaim higher levels or if the bearish trend will continue.