On December 19, 2024, the S&P 500 Index ($SPX) faced challenges as it closed just below $5925, struggling to maintain upward momentum. Analysts noted that the index re-tested its 50-day moving average but was rejected, indicating a bearish sentiment among traders. The volatility index ($VIX) remained above 20, suggesting ongoing market uncertainty. The market's performance has been influenced by positive VIX gamma exposure, which tends to keep price ranges in check and prevent significant sell-offs. As the week progresses, there is concern about potential follow-on selling if the index fails to close above its moving average, with some analysts warning of a risk of further downside continuation as sellers dominate price action.