The S&P 500 Index ($SPX) is currently experiencing a decline of 4.6%, approaching a critical threshold that could trigger increased trader attention. Analysts note that a further drop of 1% would result in a 5% correction, which has not yet occurred. The key level for this correction is identified at 5839.65. Additionally, there is ongoing flow building at the 5900 put option, suggesting that traders are preparing for potential further declines in the index.