SPX GEX – Watching for HVL SPX 500, DailySPREADEX:SPXTanukiTradeSPX has recently bounced from the 6350 technical support. Price is now moving higher and approaching the HVL area again, where a potential shift between volatility regimes could occur. This is where things get interesting. 🔶 Options Structure Context 🔶 6250 – next put wall / downside support 6510 (HVL) – volatility regime pivot 6605 – major call wall / upside reference Below HVL, the market typically trades in a negative gamma regime, where price action is more reactive and volatility tends to expand. Above HVL, conditions often shift into a positive gamma environment, where moves become more controlled and volatility compresses. 🔶 Options Sentiment Shift 🔶 One important development: The extreme put pricing skew seen in February has significantly declined, suggesting that downside hedging pressure has eased. 🔶 What to Watch 🔶 The key focus is simple: 👉 How does price behave around HVL? A clean move and hold above HVL could signal a transition into a more stable regime, while failure to reclaim it may keep volatility elevated.