As of March 19, 2025, the S&P 500 Index ($SPX) is experiencing notable fluctuations in gamma exposure. The net gamma exposure has increased by $158.27 million, or 13.64%, from -$1.16 billion to -$1 billion. The spot price for the SPDR S&P 500 ETF Trust ($SPY) is currently at $560.1, with resistance at $650 and key put support at $550. For the Invesco QQQ Trust ($QQQ), the price is around $482.8, facing put-heavy support at $480. A drop below this level could lead to increased volatility, while maintaining above $490 could allow a potential bounce towards $500–$505. The QQQ is also encountering resistance at $485, with a critical short-term level identified at $478.82. Overall, the market is characterized by high volatility and a short-gamma regime.