The S&P 500 Index (SPX) is currently trading near a high volatility level (HVL) around 5870 to 5900, which acts as a known gamma pivot point. Price action is tightly compressed just 0.33% above this level, with overhead resistance becoming more pronounced. The options market remains call-dominated in terms of gamma exposure, but net gamma exposure (GEX) declined by 23% intraday to $202 million. Additionally, the dollar equivalent exposure (DEX) decreased to $1.58 trillion. Most of the options flow is concentrated between the 5900 and 5950 strike prices, indicating that volatility risk is increasing beneath the surface. These dynamics suggest a cautious market environment with significant positioning around key technical levels.