The S&P 500 index (SPX) is trading flat ahead of the market open, maintaining a range-bound movement after failing to break below last week's low. The 9-day moving average near 5990 has acted as resistance, causing a slight pullback from overnight highs. Despite the sideways price action, option market activity remains elevated, indicating persistent demand for upside exposure amid ongoing macroeconomic risks. The Nasdaq QQQ's three-month skew has reached the 93rd percentile, reflecting a clear put bias as traders seek downside protection. Key SPX levels to watch this week include resistance at 6200 and 6150, a call wall at 6100, and support zones around 5900 and 5800. Market participants anticipate a potential test of the 5900 level, with dealer buybacks of hedges expected to provide support unless volatility spikes significantly. The current lighter gamma environment is contributing to volatile intraday movements, favoring scalpers but suggesting caution against overtrading.