As the market approaches the options expiration date, the E-mini S&P 500 (ES) is experiencing significant activity. The current price for the December contract (ESZ24) is 6055.50, with a trading range of 44 points. Open interest shows a stark contrast between puts and calls, with 410,320 puts compared to 38,130 calls, indicating a strong demand for protection among traders. As of December 16, traders are preparing to transition to the March 2025 (ESH25) contract, with its settlement price noted at 6125.75. This rollover period is expected to introduce volatility in the market, particularly around 9 AM ET before the opening bell. The completion of the contract roll to the March 2025 ESH5 contract has been confirmed, signaling a shift in focus for market participants.