As of October 21, the S&P 500 futures (ES) are experiencing a notable imbalance phase, with the daily timeframe maintaining a balance between 5925 and 5850. The market closed inside the weekly value area (VA) with significant attention on prior week value area high (VAH) and value area low (VAL). The weekly VA levels are noted at 5886.5 to 581.25, indicating a critical threshold for monitoring market movements. Additionally, dealer gamma exposure has reached $11.8 billion, placing it in the 94th percentile year-to-date, suggesting a strong passive support of approximately 700 ES futures bought per $1 decline. This high gamma concentration, particularly on Mondays, may lead to increased market volatility. The call to put gamma ratio stands at 1.10, with a gamma flip level identified at 5837. Recent trading activity shows that the price hit gamma levels at 5975 before declining to 5866, where it stabilized, indicating dynamic market conditions influenced by dealer hedging strategies.