The CBOE Volatility Index (VIX) has experienced a notable increase, climbing approximately 11% and nearing a level of 18. Analysts are monitoring this spike closely, suggesting that the VIX could influence market sentiment moving forward. The spike in volatility comes amidst ongoing updates related to the S&P 500 (SPX) and its zero days to expiration (0DTE) options, indicating heightened activity in the options market. Market observers are particularly focused on gamma open interest, which reflects the sensitivity of options prices to changes in the underlying asset's price. This increase in volatility and the associated trading dynamics may signal shifts in investor sentiment as the market approaches year-end.