The S&P 500 Index (SPX) futures are down by 15 points as the market tests the SPY 8-day moving average near $580.50. Investors are closely watching to see if the previous day's low will hold. The SPY is retesting the monthly value high, which often leads to a bounce. The top of the October Value Area support is being checked at $574.43, with some investors adding long positions in $SPY. A notable bounce occurred from $575, and market participants are observing if the Volatility Index (VIX) will decrease further to support the market's upward movement.