The SPX price has experienced an unparalleled rally, gaining over 230% from May to mid-June. It peaked just below its historical high of $1.77, capturing the attention of traders. However, open interest recently soared to $171 million, followed by a dramatic 25% decline, suggesting that overleveraged long positions were liquidated. Spot outflows reached $6 million, raising questions about the sustainability of the recent surge. Market participants are now anticipating if the SPX will retrace back to the $1.77 mark.