What Would Change My Mind

• If SPY sustains above $775 for two consecutive 4-hour closes with VIX declining below 13.5 → dealer short-gamma unwinds mechanically, forcing long positioning and inverting the negative-gamma regime structure. • If QQQ breaks decisively below $710 (below the $719 flip level) on volume exceeding 60M shares → negative gamma accelerates into forced selling, collapsing the bid structure and extending dealer hedging requirements downward. • If AAPL rallies to $340 (the stated flip level) while NVDA simultaneously holds above $230 → positive gamma re-emerges across mega-cap tech, dismantling the six-of-eight short-gamma positioning that currently anchors risk-off posture.