The S&P 500 futures ($ES_F) experienced notable volatility between May 22 and May 23, 2025, with key price levels playing a central role in market movements. On May 22, the 5850 level acted as a critical support and resistance point, serving as a "failed breakdown" level where prices repeatedly tested and recovered, hitting upside targets at 5861, 5877, and nearly 5890. Despite intraday fluctuations and a brief dip to 5828, the market showed resilience with bulls regaining control above 5855. Volatility, measured by the VIX index, fluctuated around and above 20, with a spike to approximately 24.34 on May 23, indicating increased market uncertainty. On May 23, the market faced downward pressure as the 5850 support failed, triggering a decline to around 5758 before a recovery rally reclaimed 5788 and pushed prices back up to the 5815-5820 range. Put option volume surged, with the put/call ratio reaching 1.63, signaling a defensive market tone. The net gamma exposure (GEX) for the S&P 500 plunged into negative territory, reflecting heavy put dominance and negative gamma conditions that could amplify downside risk. Despite these pressures, technical analysis suggested that bearishness would not intensify unless prices fell below 5660. Correlations between equities and bond yields (notably 10-year and 30-year Treasury yields) remained strong, influencing price movements. Market participants closely monitored resistance levels near 5875-5900 and support around 5800-5850, with the potential for a breakout above 5876.75 toward 5966.25 if momentum shifted. The S&P 500 ETF Trust ($SPY) showed modest gains on May 22 and May 23, closing near flat or slightly positive, while individual stocks like Apple ($AAPL) experienced declines. Overall, the market exhibited a complex interplay of technical levels, option market dynamics, and bond yield correlations amid ongoing volatility.