On January 17, 2025, the market experienced a notable monthly options expiration, coinciding with the expiration of January LEAPs, which are expected to influence pre-market movements. The S&P 500 (SPX) options expired at the open, with market participants observing a shift in gamma positioning. Notably, the SPX transitioned back into negative gamma territory, indicating a potential change in market dynamics. The cumulative TICK metric, which tracks market breadth, showed signs of decline, suggesting a fading momentum after reaching highs earlier in the day. The VIX, a measure of market volatility, was reported at 15.95, reflecting a slight decrease from previous levels. Traders noted that today's expiration is particularly significant for single stocks, as the accumulation of January LEAPs in mega-cap stocks could lead to a pullback effect in the upcoming week.