Recent trading activity in S&P 500 options has highlighted significant movements in call and put volumes. The CallGamma/PutGamma ratio stands at 1.20, with a Gamma Flip level at 5914 for options expiring in six months. Notably, put volumes are increasing around the 5850 and 5845 levels, indicating potential downward pressure if the price breaks below the 5900 level. Conversely, call interest is notably rising at the 5950 strike, with substantial activity also observed at the 6000 and 5980 strikes. A total of 34,000 contracts were noted at the 6000 strike, while 27,000 were recorded at the 5950 strike. The price action is currently fluctuating between the 5950 and 5960 strikes, with traders anticipating a shift in momentum depending on the volume of calls and puts. The intraday volatility and increasing volume suggest a setup for a significant price move, with the trailing week/month point of control centered around 5920.