The S&P 500 Index (SPX) experienced significant volatility due to the rolling of the JPMorgan (JPM) collar trade. The collar trade, which involved 39,600 contracts, was rolled from September to December, with new positions set at 4580 puts, 5425 puts, and 6020 calls. This roll removed the heavy gamma at the 5750 strike, leading to increased market volatility within a range of 5715 to 5755. Additionally, 39,000 put spreads were part of the new setup. Concurrently, the VIX, a measure of market volatility, spiked to over 20, indicating heightened market uncertainty, with a 23% increase. The VIX futures also saw a significant increase, reflecting the market's reaction to the collar trade adjustments.