On December 31, 2024, the S&P 500 Index (SPX) experienced notable trading activity due to the JPM collar roll, which historically impacted market movements. The collar roll is expected to influence short covering and market dynamics, similar to the events on September 30, 2024, when the SPX dropped approximately 1% within ten minutes following heavy 0DTE put flow. Early trading showed positive breadth with a TICK of +1117 and an up-down volume ratio exceeding 4 to 1. Analysts indicated that the collar roll could lead to upside short covering as option dealers unwind short futures hedges. The SPX began the day at 5,881, facing immediate resistance at 5,925 and broader resistance at 5,995. As of late in the trading day, the initial JPM collar was reported to be up, with calls sold for March 31, 2025, at a strike price of $6,165, providing insight into potential market ceilings.