The S&P 500 experienced significant volatility on March 31, 2025, with the index initially dropping below its 200-day moving average but recovering to close higher on the day. The index saw a substantial intraday reversal, gaining over 120 points from its lows to close at 5600, driven by heavy negative gamma exposure and quarter-end market dynamics. The VIX futures closed weak at lows, indicating a potential stabilization in market volatility. A key factor in the day's market movements was the expiration and subsequent rolling of JP Morgan's large options position, known as the JPM collar. The collar's put strike at 5565 played a critical role, with the market rallying off this level. The collar was adjusted to new June positions, involving the sale of 40,000 June 30th $5880 calls and the purchase of 40,000 $5290/$4460 put spreads, resulting in a net credit of about $11 million. The influence of the JPM collar was evident as it pressured dealers to buy back hedges, pushing prices higher. The broader market also showed signs of recovery, with the Dow Industrial Average ending the day up 0.65%. However, the NASDAQ index remained in negative territory, down approximately 0.44%. The S&P 500's recovery was supported by the performance of Mag7 Tech stocks, which saw gains as the market moved higher. The market's reaction to the JPM collar and the end-of-quarter adjustments highlighted the influence of options positioning on stock market movements. Additionally, the SPY hit a low of 546 before turning green, and the PPT's intervention near the low of the day contributed to the market's upward movement.