The S&P 500 Index ($SPX) has reached new all-time highs, closing September on a strong note. The index saw a significant gap up, driven by strong market momentum and elevated Gamma/Charm, which indicates active dealer hedging and Delta decay. The $SPX climbed over 300 points in the past two weeks, particularly after a strong breadth thrust off the September 11 lows. However, there is notable volatility around the 5750 level, which has been a key strike price for JPMorgan's collar volume. Traders are closely watching this level as it could trigger further market movements. Despite the bullish signals, there is potential for end-of-quarter profit-taking, which might keep the index under the 5750 level. The market also experienced periods of buyer and seller exhaustion, influencing short-term price movements.