The S&P 500 hovered just below the 6,400 mark on Friday, putting the benchmark within sight of a fresh closing record after an early-afternoon high near 6,406. A finish above 6,385 would eclipse the index’s previous closing peak. Options activity intensified around the 6,400 strike, where call volume outpaced the combined flow at the two most-active put strikes. Net gamma exposure ballooned 210% to about $1.45 billion, according to positioning estimates, while dealer exposure was put at roughly $2.21 trillion. Aggregate equity-option turnover reached an estimated 63 million contracts, an unusually heavy pace for a summer session. Low volatility accompanied the advance. The Cboe Volatility Index slid 3.3% to 15.33 and VIX futures touched their lows for the week as implied volatility was sold ahead of the weekend. Market-on-close imbalances were modest, with a $66 million sell bias in S&P 500 constituents. Breadth remained neutral late in the day, but traders cautioned that a break of the 6,380 gamma flip level could still spark sharper swings.