The market has entered a positive gamma defense phase, and we can pay extra attention to the support level of SPX (S&P 500) at 7300. If it doesn't break below, the positive gamma defense holds. If it breaks below, we need to be extra cautious about the possibility of a market crash. Aside from SPX, VIX and TLT long bonds have also seen varying degrees of increases, which undoubtedly confirms that the market is currently in a strong defensive stance.