The S&P 500 Index ($SPX) is facing a challenging week as it closed at 5827.04, down from a previous high of 6021. Market analysts are closely monitoring whether sellers can maintain the downward momentum established last Friday, which resulted in an outside week to the downside. The index is currently in a weekly balance phase, with key support levels identified at 5800 and resistance at 5880. If the index breaks below 5800, it could lead to further declines, with targets set at 5750. Conversely, calls are suggested for SPX above 5880, with a target of 5938. The SPDR S&P 500 ETF Trust ($SPY) is also under scrutiny, having closed near the low of a month-long trading range, with a notable entry point identified under 578.55. Traders are advised to watch for potential bounce points around 571.18, which could serve as a critical gap level before upcoming economic indicators, including the Consumer Price Index (CPI) and Producer Price Index (PPI).