The Cboe Volatility Index (VIX) has remained relatively steady around the 18 to 19 range, down from highs near 25 and even 60 in recent months, signaling a stabilization in market volatility. The S&P 500 index (SPX) is trading just below the key resistance level of 5900, with major resistance overhead at 6000. Market participants are closely watching the options landscape, particularly the zero days to expiration (0DTE) call options, which are creating a crowded gamma zone that could influence price momentum. A substantial $1.2 trillion notional value of S&P 500 options is set to expire on Friday, with the maximum pain price currently at 5840. This large options expiration event is anticipated to potentially disrupt the ongoing historic stock-market rally. Despite global uncertainties, the market has been taking the conditions in stride, with a constructive momentum observed in the S&P 500. Additionally, FX option expiries are also noted for the coming days, reflecting ongoing active positioning in the foreign exchange markets. Overall, the volatility environment has returned to levels consistent with the average of the past year, indicating reduced investor fear compared to previous months.