On July 24, 2025, the S&P 500 Index (SPX) showed continued upward momentum, trading near key resistance levels. The spot price reached 6360, approaching a call resistance level at 6400, while put support was identified at 6300 and 6100. Market positioning indicated a narrow range compression with only 40 points to the upside resistance, while the downside remained more open. Intraday trading activity revealed the index testing various points within the zero-day-to-expiration (0DTE) straddle cone, including the top, midpoint, and bottom, suggesting a range-bound movement for intraday traders. The SPX also exhibited strongly negative gamma exposure (GEX) at the 6400 level, which could influence price dynamics. Market participants were closely watching whether the index would break above or below the straddle cone to signal potential momentum shifts.