What Would Change My Mind

• If SPY closes above $768 on three consecutive sessions while VIX stays below 16, positive gamma re-enters dealer inventory and the procyclical hedging loop reverses into a bid-supporting mechanism. • If NVDA sustains a break above $220 flip level concurrent with QQQ holding $710+, the negative gamma regime fragments across mega-cap tech and dealer rehedging pressure dissipates structurally. • If AAPL trades through $310 flip with expansion in put skew (20-delta puts trading sub-parity to calls), the five-of-eight negative gamma concentration becomes asymmetric and isolated to non-mega-cap holdings, weakening the thesis's breadth.