The S&P 500 (SPX) and E-mini S&P 500 futures (ES) markets are currently in a consolidation phase, with both indices trading within tight ranges. The SPX reached its range extension, while ES did not, indicating a slow market movement. Key levels for ES options on futures include a historical volatility mean of 5812, a current implied volatility mean of 5870, and a settlement-based implied volatility mean of 5900, creating an 88-point range. Despite some intraday gains, the market lacks significant catalysts to break out or down, remaining rangebound. The ES market is forming a 6-day balance area, and the presence of blue gamma is contributing to the slow movement.