On March 12 and 13, 2025, the E-mini S&P 500 futures ($ES_F) experienced notable market movements influenced by various technical indicators and volatility metrics. The VIX, a measure of market volatility, saw a significant decline, dropping nearly 20% from its previous peak, with spot cash at approximately 23.37. Traders noted that the market was pinned at key levels, particularly the 5565 put strike associated with JPMorgan's collar strategy on the S&P 500 index ($SPX), which has over 40,000 open interest. This level was identified as crucial for market dynamics as it coincides with broader hedging strategies. On March 13, the market dipped below the 5565 level, triggering a sell-off after breaching the Daily 1 hedge at 5554.25, aligning with expectations for volatility and price action. The market's response to these levels was closely monitored, with indications of a potential stabilization above the 5565 strike, despite the recent downturn. Overall, the session highlighted the precision of the JATS PT Levels in guiding trading decisions and market movements.