What Would Change My Mind

• If SPY closes above $743.00 flip level post-FOMC and holds it through close with volume above 20-day average → negative gamma unwind accelerates, dealer short convexity converts to mechanical buying, upside acceleration becomes structural rather than corrective. • If FOMC delivers a surprise hawkish hold and QQQ breaks below $670 support with VIX spiking above 22 → negative gamma dominance across the 7-name cohort flips into forced liquidation cascade, dealer hedging layers shift from delta-neutral to delta-long rebalancing. • If NVDA fails to reclaim $210 after FOMC and AMD cracks below $450 on volume → the negative gamma concentration in semiconductor names becomes a liquidity drain point, forcing broader index rotation out of the crowded tech positioning that's anchoring the current regime.