As of March 26, 2025, the S&P 500 Index (SPX) is experiencing heightened volatility due to its positioning within a negative gamma zone. The index is trading around 5740, with significant resistance noted at 5800 and support at 5600. Recent analysis indicates that the CallGamma/PutGamma ratio has varied, currently at 0.89, with a GammaFlip level of 5814. Market participants are observing critical price levels, particularly the 200-day moving average, which stands at 5752.23 for the SPX. The current market dynamics suggest a potential pullback to 573, as traders monitor for signs of bullish sentiment returning, despite the overall lack of conviction in the rally. The SPX has rebounded approximately 5% from recent lows, but analysts warn that it remains in a precarious position, with sellers likely to emerge between 5830 and 5855. The liquidity snapshot reveals that the market is trapped in a dealer hedging zone, which may contribute to continued volatility in the near term.