US equity markets are experiencing significant speculative activity and elevated positioning, according to recent data from multiple sources. Bank of America reports that trend followers are holding equity longs at very elevated levels, while speculative positioning in US equity index futures has reached all-time highs. Goldman Sachs data indicates that systematic positioning in US equities remains quite elevated. Additionally, dealer gamma exposure has surged 250% this week to $16 billion, the highest on record, suggesting significant upward momentum. The SPX complex market maker gamma exposure remains broadly positive, with near-term ranges at 5600/5500. A break above 5575 and subsequently 5600 could lead to a convex move to the upside into July MOPEX as out-of-the-money call deltas grow. The market is also seeing a record-low put to call ratio and an increase in zero-day options trading, with 50% of SPX options in ODTE.