The S&P 500, represented by the SPDR S&P 500 ETF Trust ($SPY), experienced a significant breakdown on Friday, with traders and analysts closely monitoring key support and resistance levels. The index closed at 5580.95, following a bounce that led to a strong downward move back into its trading range. Analysts are watching the $549 level closely, as a break below this could signal further downside, while a bounce might indicate a potential bottom. Key support levels identified include 5504, 5505-5500, 5475, and $540, with extreme put options at 5450. On the upside, resistance is noted at 5585, with significant levels at 5600, 5615-5620, $5669, $5565 put support, $5700 call resistance, and an all-time high of $6500. The market's proximity to new highs and lows, along with the current price being below the average volume-weighted average price (AVWAP) from both the 52-week high and low, adds to the uncertainty about the market's next move. Observers are also keeping an eye on tariff headlines and tech sector flows for potential impacts on market direction. The S&P 500 is currently trading within a $5530-5505 channel, with a $5376 gap filled overnight, and a $5585 red put wall above. The prior week's low at $555, an untapped weekly pivot at $562, and a new weekly nPOC at $574 are also levels to watch.