What Would Change My Mind

• QQQ sustains a close above $745 for three consecutive sessions while IV rank stays below 30 → negative gamma reflexivity breaks as dealer short gamma positions require cover rather than additional hedges, flipping the mechanical selling bias. • NVDA holds above the $222.50 flip level on a 2% intraday move without closing below $220 → single-name gamma dominance shifts from reflexive dealer selling into rotation dynamics, reducing the concentration risk in the negative gamma cohort from 5/8 to 3/8 names. • SPY closes below $760 support on declining volume while VIX compresses below 12 → dealer positioning normalizes away from gamma-short edge as realized volatility decouples from IV skew, allowing rallies to extend without triggering forced dealer hedging flows.