The S&P 500, tracked by the SPDR S&P 500 ETF Trust ($SPY), has reached a new all-time high, signaling a strong performance in the market. This milestone comes amidst increased activity in options trading, with notable purchases of put options on $SPY and other stocks like Amazon ($AMZN) as investors seek to hedge their positions. Traders have been buying various put options and put spreads on $SPY, including March $577 puts at $4, February 28th $595 puts at $4.69, and April $485/$395 put spreads at $0.75, indicating a cautious approach to the market's recent gains. These moves are seen as hedges into the upcoming earnings season and as black swan hedges, reflecting a broader strategy to mitigate risk.