What Would Change My Mind

• If SPY holds above $780 flip point through Friday's NFP print and closes the week positive gamma → dealer short hedges unwind mechanically, gamma-driven rallies become self-reinforcing and negative gamma regime loses its friction point. • If QQQ breaks below $730 support with volume expansion while VIX spikes above 20 → five negative gamma names compressing simultaneously creates cascading dealer rehedging, turning structural squeeze into realized volatility drawdown. • If NVDA reclaims $229 flip level and AAPL clears $340 flip while SPY remains range-bound → gamma dominance shifts from dealer-squeezed to balanced, removing the asymmetric downside skew that currently supports the negative gamma thesis.