What Would Change My Mind

• If SPY sustains above $748 through close with volume >85M shares → negative gamma unwinds as dealer short hedges compress, mechanical bid appears and regime flips to positive convexity. • If NVDA closes below $198 on three consecutive sessions → the $203 flip level breaks down structurally, triggering cascade unhedging across tech options and widening the gamma void that currently anchors the tape. • If QQQ breaks below $690 with VIX printing >22 simultaneously → the negative gamma dominance inverts as realized volatility overwhelms dealer positioning, forcing synthetic long liquidation and converting the structure from acceleration-priced to deceleration-mechanical.