The S&P 500 Index (SPX) is currently navigating significant price levels as it approaches key technical indicators. As of December 20, 2024, the SPX is trading around 5983.75, with the 50-day moving average (50dma) positioned at approximately 5995. Analysts have noted that the SPX's recent performance has placed it in negative gamma territory, with a critical flip level identified at 6025. This situation increases the potential for heightened volatility and further downside movement. The SPX's price action is also being influenced by the recent election gap, which some traders are monitoring for potential stability. Resistance levels have been noted around $591 and $596, with a bounce expected to provide clues for future trading opportunities. The CallGamma/PutGamma ratio is currently at 1.15, indicating a slight bullish sentiment, while a ratio of 0.53 has been observed for six months out, suggesting a mixed outlook for the SPX's future performance.