The S&P 500 index (SPX) has experienced significant volatility recently, with futures dropping sharply. On November 15, 2024, the SPX briefly touched 6000 before declining, with futures down 35 points and the SPY breaking below key levels of $597 and $594 earlier this week, now trading around $586.12. Analysts note that a significant amount of gamma tied to the 6000 strike will roll off in the upcoming expiration, but dealers are expected to remain long gamma. The call gamma/put gamma ratio stands at 0.91, and the gamma flip level is at 5946. The previous all-time high for SPX was 5878.46 on October 17, 2024. Meanwhile, mean-reversion strategies for SPXL and TQQQ ETFs have shown a year-to-date return of 60.6% with a win rate of 76.8% over 56 trades.