The S&P 500 futures (ticker $ES_F) exhibited a bullish trend during the May 15-16, 2025 period, breaking out of a two-day bull flag pattern with key resistance at 5925. The initial reclaim of 5890 triggered a series of upward targets at 5900, 5910, 5918, and 5925, followed by breakout targets at 5945, 5953, 5963, and finally 5970-75. The market successfully held the 5925 backtest level on May 16, allowing the rally to continue and setting 6000 as the next major resistance level. The momentum was supported by a lower-than-expected Producer Price Index (PPI) number released on May 15, which helped push the market higher. Analysts emphasized the importance of not overtrading and recommended taking profits at key levels while leaving some positions open for potential further gains. Market participants noted a constructive momentum with a crowded gamma zone near 5900 resistance and highlighted the influence of options market dynamics, including a $703 million positive gamma exposure (GEX) and a $1.95 trillion dealer hedging exposure (DEX) at the time. The S&P 500 index outperformed correlated global risk sentiment assets by approximately 2.15% cumulatively over the preceding 20 days. Meanwhile, Tesla ($TSLA) exhibited strong positive gamma near a resistance level of 350, with gamma compression likely to reduce volatility unless a breakout occurs. Nvidia ($NVDA) also showed increased gamma exposure, reaching $1.2 billion (+32%) as the stock approached resistance at 136, accompanied by a declining put/call ratio of 0.60 and surging call flow. Overall, the market was characterized by steady gains, technical breakouts, and cautious optimism ahead of the Friday options expiration (OPEX) day, with analysts advising to maintain positions above key support levels and watch for potential volatility spikes if critical resistance zones are breached.