What Would Change My Mind

• If SPY sustains a close above $775 into OPEX (3 days) while QQQ breaks through $728 → positive gamma re-emerges in dealer books and mechanical selling pressure reverses into cushioned support structure. • If NVDA rallies past the $227.50 flip level with expanding call open interest while IV rank stays below 45th percentile → gamma sign inversion accelerates dealer rehedging from short to long delta, destabilizing the negative-gamma thesis. • If implied volatility on SPY contracts below 15 on the OPEX settlement day despite intraday moves exceeding 1.5% → dealer gamma positioning becomes neutral-to-positive across the complex, eliminating the amplification mechanism that currently destabilizes on selloffs.