The S&P 500 index ($SPX) is currently experiencing a low-volume pullback following a substantial gain last week. Technical analysis indicates that the index has found support near its 200-week moving average, which is approximately at the 4,700 level. This moving average has historically acted as a strong support line over the past 15 years, with the exception of a brief dip during the COVID-19 market crash. Recent market behavior shows the index bouncing off the 2022 high, consistent with patterns observed in previous bear markets where declines found support at prior bull market highs. Analysts highlight a critical support zone around 4,800, where bulls have recently managed a strong rebound. However, bears are focused on breaking below this level with conviction to potentially drive further declines. Overall, the 4,700 to 4,800 range is being closely watched by market participants as a key technical juncture for the S&P 500's near-term direction.