What Would Change My Mind

• If SPY sustains above $745 through three consecutive closes while QQQ breaks above $680, the dealer short gamma position flips to net-long, converting every rally into mechanical buying pressure rather than hedging drag. • If NVDA reclaims $185 with volume above 50M shares in a single session, it signals rotation out of the short-gamma complex; dealer deleveraging reverses to accumulation at that structural level, negating the current headwind regime. • If CPI prints hotter than consensus (>3.2% YoY) and AAPL fails to hold $340 as support while SPY gaps below $730, the negative gamma regime compresses tighter, forcing a reassessment that dealer hedging becomes a persistent structural ceiling rather than a temporary friction point.