What Would Change My Mind

• If SPY closes above $775 flip on NFP beat and holds through Friday CPI print → gamma shorts covering creates self-reinforcing long squeeze, flipping regime to positive gamma dominance across the 5/8 tickers. • If QQQ breaks below $717 support on weak jobs data and closes sub-$710 → mechanical dealer deleveraging accelerates, forcing NVDA and AAPL below their $207.50 and $307.50 flips where negative gamma convexity compounds selloff momentum. • If NVDA alone rallies to $230+ before CPI while SPY/QQQ remain range-bound → gamma structure becomes internally fragmented, with mega-cap tech decoupling from broader negative gamma regime and signaling sector-specific liquidity reallocation rather than macro-driven reversal.