The CBOE Volatility Index (VIX), a key gauge of market volatility, has declined sharply from 22 on June 17 to around 16.8 by June 26, marking its lowest level since February 2025 and falling well below its long-term average of 19.5. This drop signals a period of reduced market volatility and increased investor calm. Concurrently, the oil volatility index (OVX) has plunged from 74 to 44, declining 9% on June 25 alone, with further downside anticipated. The S&P 500 (SPX) has been steadily rising, trading near resistance levels around 6100 to 6140, supported by positive gamma exposure and a call-dominated options regime. Net gamma exposure (Net GEX) increased by 60% to $1.16 billion, while net delta exposure (Net DEX) climbed to $1.64 trillion, indicating strong positioning in call options. The put/call volume ratio eased to 1.08, reflecting a preference for calls over puts. Market participants are showing growing complacency, with demand for volatility hedges fading, although some caution remains given the one-sided positioning. Implied volatility across SPY options has compressed, especially for out-of-the-money puts, suggesting increased confidence in market stability. Despite concerns over tariffs, slowing economic growth, and global tensions, investors are favoring high-beta and weaker balance sheet stocks, led by the technology sector. Key SPY option levels include resistance near 615 and 610, with gamma flips and volatility triggers around 605. Overall, the market environment is characterized by low volatility, steady upward momentum in equities, and a cautious but bullish sentiment among traders.