The SPX futures have been experiencing a significant reversal in recent days, with the bounce from yesterday being particularly notable. The 6600 level has emerged as a crucial short-term support, with the 50-day moving average falling right on that mark. A close below this level could lead to further declines, with the next key support levels at 6500 and 6400 (100-day moving average).

Friday’s market volatility caused significant damage, leaving the market in a fragile state. As such, it’s important to keep a close eye on these key support levels in the coming days. A break below any of them could lead to further losses and potentially accelerate the downward trend.

It’s worth noting that the 6600 level has been a crucial area of support in recent months, with multiple attempts to break below it failing. However, the recent reversal suggests that this level may no longer be a guarantee of support, and traders should be cautious when approaching this key area.

The market’s fragility and the potential for further declines make it crucial for traders to stay informed and adapt their strategies accordingly. Keeping a close eye on these key support levels and being prepared for potential breakdowns is essential in today’s volatile market environment.