The S&P 500 E-mini futures (ES) experienced significant volatility on March 26, 2025, with the market moving within a range of 5797 to 5836. The day began with a test of the lower end of this range at 5797, which, upon failure, triggered a sell-off towards the targets of 5782 and 5770, both of which were hit. The market continued to decline, reaching the backtest level of the breakout from the previous Monday at 5740-45. Tariff headlines contributed to the market's movement. Analysts noted that the failure to hold above 5797 was a critical trigger for the bearish move, with subsequent levels of 5755 and 5740-45 being closely watched. The market's inability to recover above 5797 after initial tests suggested a bearish sentiment, with potential further declines towards the gap fill at 5720 if the support at 5740-45 failed. The ES hit 5739 during the day, and traders were eyeing a potential move to 5785.50. The S&P 500 index (SPX) also showed signs of bearish pressure, with the index testing the 5700 level, a key area of interest due to heavy put volume and negative gamma exposure at 5705. The market's positioning indicated continued instability unless there was a significant shift in options positioning. The SPX broke below 573.50 and tested the 570 gap area, while a gap up to 5720 was noted.