The S&P 500 Index (SPX) is currently testing the key support level of 5700, following a drop below 573.50 for the SPDR S&P 500 ETF Trust (SPY). As of the latest updates, the SPX has shown a slight bounce off the 5700 mark, but volatility remains high, with the Cboe Volatility Index (VIX) reflecting elevated market uncertainty. The SPX's net gamma exposure has plunged to -939 million, indicating a put-dominated market environment, with heavy put volume concentrated between 5700 and 5720. Resistance levels for calls are identified at 5800 and 6000. The situation is further complicated by the upcoming March 31st expiration, which includes a significant collar position from JPMorgan, suggesting potential market movements as traders adjust their positions.