As of October 24, 2024, the S&P 500 Index (SPX) is facing critical support levels, with analysts noting that a drop below 5790 could lead to further declines towards 5770. Several traders have indicated that 5775 is a significant level to maintain, while others suggest that reclaiming 5820 is essential for bullish sentiment. The SPX is currently holding around 580.50-581, a battleground resistance area, and needs to surpass 5835 to initiate a rally. The SPY ETF has shown resilience, bouncing from a low of 575, but is experiencing short-term resistance at 581.76. The market is characterized by a CallGamma/PutGamma ratio of 1.11, indicating a slight bullish sentiment, but caution remains as traders monitor the index's performance against these critical levels.