The S&P 500 Index ($SPX) experienced a notable rebound on December 20, 2024, driven by gamma dynamics and low volatility levels. The index reached an intraday high of 5982.06, up 2.57% from its monthly low, and closed near 5980. Analysts observed strong market breadth and a significant decline in the CBOE Volatility Index ($VIX), which fell by 23% during the session. The $SPX faced resistance at the 6000 level, with a gamma wall potentially influencing price movements. Key gamma flip levels were identified at 5973 and 6050. The ES_F futures reached a high of 6040, and the $SPX approached its 50-day moving average. Market participants anticipate further implied volatility dampening and potential upward momentum heading into the holiday week.