The S&P 500 futures ($ES_F) and the S&P 500 index ($SPX) experienced heightened volatility over the past two trading days, driven by renewed tariff concerns and mixed earnings reports. After bouncing from a recent low of 4835, the S&P 500 reclaimed levels above 5350, but faced resistance in the 5480s, with 5485 cited as a key resistance level. Technical analysis highlighted a trading range between 5408 and 5485, with 5428 and later 5377 acting as magnet levels. The market repeatedly tested support at 5350, which eventually failed after several attempts, leading to a sharp decline. Following the loss of 5350, the futures dropped nearly 100 points, reaching support at 5251 before a modest bounce. The last trade was reported at 5440. Commentary noted that the breakdown below 5350 put bears in control, with further downside targets at 5263, 5251, and potentially 5215. On the upside, reclaiming 5350 and 5377 is seen as necessary for a sustained rally, with additional resistance at 5395, 5408, 5446, 5469, and 5485. OPEX is scheduled for tomorrow, and traders are watching the monthly VWAP at 5320, as well as key reference points such as PW VAH 5391 and PW VAL 5036. Market structure observations included the formation of a double distribution profile with single prints in the I-period, reflecting the market's adjustment to recent volatility.