The S&P 500 reached new all-time highs, surpassing previous records as reported by multiple sources. This milestone coincided with significant options market activity, with over $2.7 trillion in notional options exposure set to expire on February 21, 2025. The options market dynamics showed a call-dominated environment with positive gamma, indicating a controlled trading regime. The net gamma exposure (GEX) increased by 4.93% since the previous day, suggesting dealer dampening effects on market volatility. Call volume saw a notable increase of 23.94% since 11:30, reaching 632.9K contracts. Key levels to watch for the S&P 500 included a call wall at 6145.0, a gamma flip at 6104, a volatility trigger at 6100.0, and a put wall at 5900.0. The S&P 500 was trading at 6118, with traders monitoring skew levels indicating heavy put demand and implied volatility (IV) underpricing movement.