The S&P 500, represented by the SPDR S&P 500 ETF Trust ($SPY), is currently testing its 200-day moving average (200DMA) for the first time since November 2023. The index came close to this key technical level, with the 200DMA at approximately 571, marking a significant support zone. The market's volatility remains high, with the SPY falling under key support at 580, triggering a bearish bias. Analysts suggest that a break under 570 could accelerate declines towards the 565-560 range. However, a bounce above 580-590 is being watched, with strong resistance noted at 598. The S&P 500's negative gamma state is showing signs of stabilization, with rising call volume and a put/call ratio dipping to 1.33. If the key support level of 5800 holds, a potential bounce towards 5850-5905 is anticipated. A break below 5780, however, might lead to further downside pressure. The NASDAQ, with only 37% of its members trading above their 200-day moving average, is also facing challenges, marking the lowest level since November 2023. The Nasdaq 100's streak of closing above its 200DMA for 496 consecutive trading days, the 2nd longest uptrend in history, is now in jeopardy, being less than 1% above this critical level. Fewer than 40% of S&P 500 stocks are currently trading above their 100-day moving average, the lowest since November 2023, excluding a brief period from December 24 to January 25.