The S&P 500 Index (SPX) is currently experiencing significant market activity as it approaches its options expiration (OpEx) on Friday. Positive gamma territory indicates an upward bias, with interest building in SPX calls. The market remains in an uptrend, with large players rolling upside bets higher. Key support levels are identified at 5600 and 5550, while resistance is noted around 5625. Market participants are closely monitoring the 5600 level, which is expected to act as a magnet for price movement. Additionally, the SPX is attempting to find a bottom at 5600, with potential further downside to 5575 if this level fails to hold. The market's behavior is also influenced by the VIX options expiration, with some traders adding SPX put hedges in anticipation of a move down to 5600. The SPX is set for its first close under the 8-MA since May 31, indicating potential bearish sentiment. Overall, the market is poised for significant movement as it approaches key technical levels and the options expiration event on Friday.