On January 31, 2025, the S&P 500 Index (SPX) experienced volatility as traders assessed the market's performance. The SPY ETF was reported to be very close to an all-time high (ATH) earlier in the day, with some traders noting it was just a dollar away from reaching this milestone. However, as the day progressed, SPY fell 1.33% from its intraday high, leading to concerns among bulls about the potential for a downward trend. Analysts highlighted that the bulls had previously cleared the 6070 resistance level but failed to maintain momentum, with critical support now identified around the 6015 mark. The market sentiment indicated a struggle between bulls aiming for recovery and bears looking to capitalize on the recent downturn.