On December 27, 2024, the S&P 500 Index (SPX) registered notable activity in options trading, particularly with a focus on gamma open interest. The SPX saw a call volume increase, reaching 6,000 contracts. The VIX, a measure of market volatility, fluctuated throughout the day, closing at 17.45, after earlier levels indicated resistance at 16.60. Traders noted that the market was experiencing a gap down at the opening, with the VIX levels observed at 15.43 and 15.70 earlier in the day. The 10-year Treasury yield (TNX) was also highlighted as a key factor affecting market sentiment. The overall trading environment was characterized by a mix of strategies, including the use of puts and shorts, as traders anticipated market movements in response to volatility indicators and resistance levels. The SPX's gamma flip was recorded at 6009, with a call-to-put gamma ratio of 1.15, suggesting a shift in market dynamics.