The S&P 500 E-mini futures (ES_F) experienced significant volatility this week, with the 5569-72 level acting as a pivotal point. This level was tested multiple times, with traders noting its importance as a support and resistance zone. The market saw a notable recovery from a low of 5558, which triggered a long position leading to a rally of up to 125 points from the day's low. Key targets included 5599, 5615, 5645, 5658-60, and 5703, while levels to watch on the downside were 5512, 5502, and 5477. The VIX, a measure of market volatility, fluctuated throughout the week, with levels dropping to as low as 21.93 and peaking near 28. Analysts suggested that the VIX might have reached a short-term peak, with potential stabilization expected above the 5565 level of the S&P 500, influenced by JPMorgan's collar strategy. The Nasdaq 100 futures (NQ_F) and the QQQ ETF also showed significant movements, with key levels identified at 470 and 480 for QQQ, indicating potential breakout points. Additional levels to monitor included 471 as resistance, 477 as a high volatility level (HVL), 465 as support, and potential tests at 450 and 492 where the 200-day moving average (200dma) lies. The market's direction was closely watched, with traders anticipating further volatility around these levels.