On April 1 and 2, 2025, the S&P 500 Index (SPX) exhibited significant fluctuations, hovering around key resistance and support levels. The index reached a target of 5700, with traders noting a positive gamma cluster that could suppress further upside. As of April 2, the SPX was trading between negative gamma levels at 5645 and 5655, indicating a tight range. The VIX, a measure of market volatility, was reported at 22.91, while the 10-Year Treasury yield stood at 4.24%. Traders are closely monitoring the gamma exposure, with expectations of a potential gamma squeeze if the SPX closes above 5700. The market's current dynamics suggest a cautious approach, with some analysts indicating that the SPX could face downward pressure if it breaks below 5640, while upside movement is contingent on maintaining levels above 5700. Overall, the trading environment remains volatile, with participants advised to be vigilant about key price levels and gamma influences.