The S&P 500 Index ($SPX) has shown notable movements in late August 2024, closing above the 5,600 mark on August 19 and trading within a narrow range of 40 points since then. Analysts observed a quick gamma buildup following a steep decline in implied volatility, with the market encountering call sellers near all-time highs. As of August 30, the index closed through a gap, prompting some traders to consider covering positions in the upcoming week. Despite recent recoveries, the index remains lower than its mid-July levels, raising concerns as September approaches, a historically challenging month for the market. Projections suggest that $SPX could reach approximately 5,700 in early September and around 5,400 by late September.