The Cboe Volatility Index (VIX), a key gauge of market volatility, has declined steadily over recent days, falling from 24.55 on April 30 to around 22 by May 2, 2025. This represents a decrease of more than 60% from its intraday high of 60.13 recorded on April 7, 2025. The 9-day VIX also reached its lowest point since late March. Meanwhile, the 10-year Treasury yield has hovered around 4.17% to 4.23% during this period. Market data indicates a tightly hedged environment for the S&P 500 (SPX), with a large cluster of call options at the 6000 strike and significant put options stacked between 5200 and 5550. The SPX spot price was reported at 5602 on May 2, trading just below major call resistance at 5650, which is a focal point for dealer hedging and short-term volatility. The net Gamma Exposure (GEX) for SPX flipped sharply positive to +254 million, signaling dealer support as gamma flows stabilize. Despite surging volumes, the put/call ratio remains elevated at 1.32, indicating persistent hedging activity. The implied 1-day VIX of 27.52 suggested a 1.7% expected move in the SPX on May 2. Overall, these indicators reflect a market with reduced volatility compared to earlier in April but still characterized by cautious positioning around key SPX option strike levels.