The S&P 500 index (SPX) has been experiencing notable volatility and remains in a negative gamma regime, with total gamma exposure reported at -766.6 million post options expiration (OPEX). Despite this, liquidity conditions have improved, with net Gamma Exposure (GEX) rising by 25% and Delta Exposure (DEX) increasing by 31% since the previous day. Key intraday trading zones are identified between 5170 and 5300, supported by heavy options flow including 5300 calls and 5200 puts. The 5100 strike level has attracted significant attention, with 84,000 zero-day-to-expiration (0dte) put options defended, serving as a critical support area. The index recently failed to hold above 5220, leading to a sell-off down to the 5100-5115 support range, with potential downside to 5050 if 5100 is breached. Conversely, reclaiming above 5115 could trigger a relief bounce to 5150-5160, with a gamma peak noted at 5130. On the following day, SPX gapped up by 40 points after defending 5115, with resistance near 5220 and a potential upside target of 5367. Intraday gamma exposure peaked around 5280, acting as a magnet for price movement. Market participants are also monitoring the 5325 level, which appears to be a significant resistance point, with 0dte calls heavily loaded at 5300. Overall, the market remains put-dominated but shows signs of stabilization amid ongoing choppy trading conditions and awaiting further market-moving news.