What Would Change My Mind

• If FOMC delivers a dovish hold and SPY sustains above $762 through close with QQQ reclaiming $710, dealer short-gamma unwind accelerates into monthly OPEX, inverting the current pain structure into forced long positioning. • If NVDA breaks below the $214 gamma flip and holds there through settlement with AMD following lower, the five-ticker negative-gamma cohort transitions from dealer hedging pressure into genuine liquidation cascade, removing the anchor that contained tape-wide volatility. • If AAPL fails to hold the $330 positive-gamma flip on an intraday FOMC dip and closes below it alongside MSFT deteriorating, the loss of both gamma-long anchors creates a structural vacuum where dealer rebalancing becomes the only marginal bid, collapsing the buffer against broader short-gamma mechanics.