The S&P 500 Index ($SPX) experienced a sharp decline on March 10, 2025, falling approximately 3.5% to reach a key support level at 5565. This level aligns with the strike price of a put option in JPMorgan's Hedged Equity Fund (#JHEQX) collar strategy, which includes a short call at 6165, a short put at 5565, and a long put at 4700. The fund engaged in significant hedging activity as $SPX approached the 5565 strike, which has 40,000 open interest. The $SPX dropped 9.49% from its all-time high, with trading characterized as pure liquidation. A brief 60-point rebound occurred after hitting the 5565 level. Volatility surged as the VIX spiked, reflecting market uncertainty. Technical indicators showed oversold conditions, with the $SPX Relative Strength Index (RSI) falling below 30, its lowest since the August 2022 selloff. The Nasdaq-100 Index ($QQQ) also exhibited similar patterns, with its RSI at 28.50 and trading 8.3% below its 21-day simple moving average, suggesting potential for a bounce.