What Would Change My Mind

• If SPY holds above $760 through NFP and closes above $765 on Friday → negative gamma compression reverses, dealer short positioning unwinds mechanically and spot convexity flips from risk amplifier to volatility dampener. • If QQQ breaks $696 support on gap-down open and closes below $690 → eight-name negative gamma cascade triggers forced dealer rehedging into lower levels, structural downside accelerates until NVDA $207 or AAPL $344 anchors new dealer long gamma. • If NVDA rallies past $210 and AAPL simultaneously breaks $350 ahead of NFP → localized positive gamma pockets emerge within the complex, offsetting aggregate negative gamma and signaling institutional repositioning away from convex vulnerability into call-heavy posture.