The SPDR S&P 500 ETF Trust (SPY) saw a pre-market increase of 1.5%, helping it remain above the 'Death Cross' threshold, where the 50-day moving average falls below the 200-day moving average. Despite this uptick, the ETF is still down approximately 7.5% year-to-date (YTD) but has gained 5.5% since the beginning of the year. Market analysts are closely monitoring the S&P 500 index (SPX), which is facing a critical test around the 5,500 level. The SPY is currently about 13% off a key Fibonacci level that has previously served as support. Analysts note that a tactical battleground is forming around the $550 mark for SPY, with additional support identified in the $460 to $480 range.