On December 12, the S&P 500 Index (SPX) closed at 6,051.25, reflecting a slight decline of 0.10%. The market exhibited a gamma-driven environment, with significant movements influenced by key levels. As trading continued on December 13, the SPX showed a lower bound of 6,028 and an upper bound of 6,152, indicating potential volatility. The index's cash gap fill was noted at 6,034.91, while it dropped to 6,017.31, requiring that level to hold. Additionally, there was a notable shift toward put buying, as indicated by the 25-delta risk reversal, suggesting increased demand for downside protection. The VIX call skew reached an all-time high of 1.5x, making call spreads appear attractive despite low overall volatility. The market's sensitivity to downside moves was underscored by significant negative gamma exposure around 6,070, while strong put support was observed near 6,030.