The SPDR S&P 500 ETF Trust (SPY) has shown notable technical activity around key Fibonacci retracement levels and price points in recent trading sessions. The 510 level, corresponding to the former August lows and the 61.8% Fibonacci retracement from the past two-week bounce, acted as a strong support zone, triggering a rebound in SPY and the E-mini S&P 500 futures (ES_F). ES_F experienced a nearly 60-point bounce within an hour and has recovered approximately 165 points from the Monday low, following an extreme TICK reading of -1600. Market participants observed significant call option buying, including September $600 SPY calls. Resistance levels have been identified around $537.50, $540, $547, and approximately $548, with these price points considered pivotal areas for SPY's near-term price action. The implied volatility remains elevated, influencing market dynamics and option activity.