520 Holds the Key for Now

I'm anticipating a potential move down to 520. If the price bounces at this level, we could see an upward movement as the yen carry trade concludes. However, if the price falls below 520, treat this level as resistance and watch for a possible decline toward the 200-day moving average, which could take it as low as 495. Keep in mind that this is a dynamic situation; these levels may adjust as the VIX seeks a rebound and prices continue to fluctuate rapidly.