U.S. equity markets saw notable swings ahead of the long holiday weekend, with the S&P 500 Index (SPX) gapping down over 100 points on May 23, 2025, following a post-options expiration dip and tariff-related headlines. The SPX tested and briefly dropped below its 200-day moving average, tagging an intraday low of 575.60, with the 200-day SMA at $575.72. The index was down as much as 1.5% intraday, later narrowing losses to 0.3%. Key support levels included 5722, 5700, and 5660, while resistance and rebound targets were cited at 5800, 5850, and 5900. SPY also tested its 200-day moving average and found support at 580, with the gap pivot at 577. ES futures retested the Daily 1 (Close) level at 5889.50 and Quarterly 1 support at 5831.25-5835.50. The SPX has advanced roughly 25% over the past month, and analysts observed that as long as support above 5,750 holds, a move toward 6,000 remains possible. A break below 5660 could indicate a more bearish shift. Volatility measures, including the VIX and options implied volatility, remained elevated. The June 5600 SPX put saw increased volatility, and demand for short-dated out-of-the-money puts persisted across indices, reflecting ongoing hedging activity. The SPX 8ema acted as resistance, and the MACD was curling down, suggesting momentum was slowing. The Nasdaq-100 (NDX) and QQQ ETF experienced active trading, with QQQ rebounding from lows at 505.14 and 510.50, and the 38% retrace level at 505.35. Options activity focused on short-dated calls and put spreads. Market structure indicated consolidation, with bulls aiming to reclaim higher levels and bears monitoring for further breakdowns.