Recent trading activity in the options market has highlighted notable shifts in the $SPX and $VIX. As of January 7, 2025, the $SPX has seen a significant increase in put volume, particularly at the 5900 strike, with over 111,000 contracts traded. This represents a shift from call to put dominance, indicating a bearish sentiment among traders. The CallGamma/PutGamma ratio for $SPX was reported at 1.03, while gamma flip levels were noted at 5995. Meanwhile, the $VIX has been fluctuating, with recent values reaching 18.86, indicating increased market volatility. Support levels for the $VIX were identified at 16.29 for the previous close and 15.96 for the open. The market is currently characterized by a cautious outlook, as the term structure of $SPX options suggests heightened risk awareness, particularly with a shift in skew from a heavy put bias to a more balanced stance leaning towards calls.