$SPY$ The key question heading into year-end is whether the market will revisit 650. Recent SPY put flow shows traders actively hedging that scenario through structures such as buy $SPY 20251231 680.0 PUT$ / sell $SPY 20251231 650.0 PUT$ . $NVDA$ Next week is still likely to trade within the $170–190 band, though volatility may pick up compared to this week. A simple approach is selling the 200C $NVDA 20251219 200.0 CALL$ , or using a January expiry for a wider window. Put demand also reflects heightened uncertainty going into Christmas — logical, because if $NVDA$ can’t rally, it tends