The S&P 500 Index (SPX) and the SPDR S&P 500 ETF Trust (SPY) are experiencing significant market movements as the new month and quarter begin. Market analysts are closely monitoring key support levels, with SPY expected to hold between $568 and $570. A close below 5705 on the 4-hour candle could indicate a bearish trend, potentially leading to a retest of the 5620s. However, if SPX crosses above 5730, it may avoid a short-term reversal. The previous day's strong close, influenced by quarter-end rebalancing, has set the stage for these critical levels. The Nasdaq-100 Index (QQQ) is also being observed in this context. Analysts predict a pullback but not a doomsday scenario.