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QQQ

Invesco QQQ TrustClose $738.31EOD only

Max Pain

$726.00

Next expiry Jun 1, 2026

Expected Move

±$3.63

0.5% from close

Price Gap

-12.31

Distance to max pain

IV Rank

High premium

P/C OI

1.70

Slightly put-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: May 29, 2026 close

End-of-day snapshot

This page reflects QQQ options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 29, 2026 close

QQQ Directional Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 14, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Neutral-to-slightly-bullish with an upside magnet into the 629–630 area; Confidence: 8.5/10. Primary supports: large positive GEX +$1.2B pinning NTM, heavy call premium flow concentrated at 623–630, and net premium inflow +$1.1B; conflict: max pain ladder is sliding lower toward $600 over the next month which caps longer-term upside.

Confidence:

8.5 / 10

Base 8.5 from pre-computed: +1.2B GEX pinning near spot, +net premium $1.1B, VIX 18.36 reduces tail risk; no imminent data missed so no override.

Supports: GEX concentrations at $629/$630/$625 (pin magnets), heavy call premium at $623–$630, positive DEX +225.7M shares
Conflicts: Max pain trending lower ($612→$605 over expirations), big put OI around $570–$600 as structural protection

📌Pinning: concentrated GEX +$58.8M at $629 and +$50.9M at $630 — spot is effectively magnetized

💸Call-heavy premium: top net premium strikes $623/$625/$626 show large institutional call accumulation

🛡️Large structural put floor $500–$590 with biggest single OI at $570 put (109,183) — downside acceleration below $570

Regime Classification

Vol Regime

Normal

Vol = Normal (Avg IV 25%, ATM term shows low near-term IV ~16–20%); current spot IV environment favors premium selling for short horizons.

Gamma Regime

Pinning

Gamma = Pinning: positive GEX +$1.2B concentrated at 625–630 creates a near-term magnet; dealers will hedge to anchor spot inside EM guardrails.

Flow Regime

Mixed

Flow = Mixed: heavy institutional call buys around 623–630 plus large put selling at lower strikes; P/C OI 1.47 but P/C volume 1.11 indicates slightly more put activity in OI, net premium +$1.1B bullish short-term.

Spot vs Max Pain

Above

Spot above MP (spot $628.60 vs nearest MP $612–$607) → short-term upside magnet to 629–630 but longer MP trend is lower, implying eventual mean reversion pressure.

Thesis duration: Multi-week — Pinning concentrated across the next few expirations (629/630/625) and MP trend drifts lower over several expirations (multi-week); regime persists across 2–4 week expiries so prefer 30–45 DTE for core trades, weeklies for tactical overlays.

Price Range Forecast

Next 2 days

$626.55$630.65

GEX concentrations at $629/$630 (+$109.7M) create dealer hedging that pulls spot into $629–631; a decisive close >$631 expands range.

Next 1 week

$617.44$639.75

MP at $600–612 exerts downward pressure beyond weekly expiries; failure below $617.44 shifts bias bearish.

Next 2 weeks

$607.90$649.29

MP trend toward $600 and large put OI at 570/540 provide downside support but also acceleration if broken below $607.90 (EM lower bound).

Key Levels

Max pain pins: $612 (2026-04-14); $608 (2026-04-15); $607 (2026-04-16)

EM guardrails: 2d $626.55/$630.65; 1w $617.44/$639.75

Support: $625.00 · $621.00 · $612.00

Resistance: $629.00 · $630.00 · $635.00

Gamma flip: ~$570.00 — Approx — based on put OI concentration of 109,183 (9.3% below spot)

Structural: Structural put floor $500–$590 (largest OI cluster centered at $570) — long-term downside buffer and acceleration point if breached below ~$570.

Dealer Positioning (GEX/DEX)

GEX: $+1.2B

DEX: +225.7M shares

Gamma flip: ~$570 (Approx — based on put OI concentration of 109,183 (9.3% below spot))

NTM gamma: Near-term positive gamma concentrated at $629/$630/$625/$628 (+$58.8M, +$50.9M, +$28.9M, +$24.8M) — dealers will buy into dips inside that band and sell into rallies; if spot falls ~2% (~$12.6 to ~$616), hedges flip from buying to selling and dealer delta supply increases; if spot rises ~2% (~$641), dealer short-deltas increase but GEX still pins until $650+ breaks concentrations.

IV Analysis

IV vs VIX: Avg IV 25% vs VIX 18.36 — equity vol modestly richer than index but near-term ATM IVs are compressed (16–20%) favoring premium sellers on short expiries.

Term structure: Near-term term structure is inverted/humped: 1–10d ATM low (13–18%), rising to ~20% by 16d–45d then slowly higher in longer-dated expiries; pick calendars where near-term IV > back-month IV per rule.

Skew: Notable skew: cheap OTM calls in 630–640 (IV low ~15–17%) vs richer puts further OTM; mispriced opportunity: sell short-dated call premium around 629–630 where flow is concentrated and IV is low but dealer pinning amplifies theta capture.

Flow Analysis

Net premium: + $1.1B net premium inflow (bullish compressed premium) ; P/C vol 1.11, P/C OI 1.47 indicates persistent put accumulation but current trade flow is call-heavy at the pin strikes.

Directional prints: 5.1 put 625 OTM 2026-04-14 — Massive 260414P00625000 trade (Vol 288,739 vs OI 192) — could be large block puts sold into the open or systematic buy-to-close prints; given overall call-heavy net premium, more consistent with dealer/structured selling of short-dated puts to facilitate call buys. 0 call 627 ITM 2026-04-14 — 260414C00627000 heavy ITM call flow (Vol 301,589 vs OI 1,525) — likely aggressive buy-to-open call accumulation supporting short-term upside into the pin.

Unusual: 7.6 put 623 OTM 2026-04-14 — 260414P00623000 huge volume spike (246,913) vs OI 304 — indicates intraday block activity at the pin; interpretation can be either buy-to-open puts (protective) or sell-to-open (liquidity); context favors sell-to-open as dealers absorb primes for call flow.

Risks & Catalysts

!Gamma flip ~ $570 — break below accelerates downside (structural risk).

!MP trend falling toward $600 over multi-week expirations — slow cap on upside and risk to short call exposure mid-term.

!Concentration of short-dated block prints at $621–$625 creates expiry pin risk this week — rapid unwind if flows reverse.

!VIX rise (>22) would widen EM and destroy short premium edge.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Weak	Buy QQQ stock at $628.60	Large capital outlay; vulnerable to MP drift lower to ~$600.
Short stock	Weak	Short QQQ stock (tactical intraday)	Pinning and dealer hedges create mean-reversion and quick squeezes.
Covered call	Moderate	Buy QQQ stock + sell 2026-04-30 630C	Capped upside at 630; MP drift to $600 reduces attractiveness.
Cash-secured put / put spread	Moderate-Strong	Sell 2026-05-01 600/590 put spread	MP trend to $600 and gamma flip below 570; large move below 600 stresses width.
Long calls	Moderate-Weak	Buy 2026-04-30 640C debit	Time decay with moderate IV; requires break above pin and EM upper bound.
Long puts / bear put spread	Moderate	Buy 2026-04-30 600/590 bear put spread	Limited edge unless broad market weakens; puts rich vs short-dated IV.
Iron condor	Moderate-Strong	Sell 2026-04-30 620/615 put x 635/640 call iron condor	VIX spike or MP move outside 617–639; pin can compress premium but tail risk on break.
Calendar / diagonal (reverse calendar)	Moderate	Sell 2026-05-29 630C, buy 2026-04-17 630C (sold leg IV 19.8%, bought leg IV 16.4% → reverse calendar)	If long-dated IV falls or spot gaps, carry cost and negative carry vs short-dated upside moves; short-leg is longer-dated so roll liquidity is important.
PMCC / LEAPS diagonal	Moderate-Strong	Buy 2026-06-30 610C LEAP, sell 2026-04-30 630C calls (diagonal)	Requires careful roll management; benefits from multi-week pinning and term structure.

Top Plays

Short Put Spread (30–45 DTE)

Sell 2026-05-01 600/590 put spread

Core defined-risk premium trade aligned with multi-week pin and MP drifting lower toward 600; positive GEX supports mean-reversion into pin range so short puts collect theta.

Credit: $0.65-$1.10

Max loss: $9.35

BE: $599.35

Mgmt: Take profit at 50–70% of max credit; cut if spot < 598 or VIX > 22.

Accounts wanting defined-risk income; allocates to core bullish-neutral exposure

Iron Condor (tactical, 16d)

Sell 2026-04-30 620/615 put x 635/640 call iron condor

Sells into the pin (620–640 corridor) capturing concentrated call premium and positive GEX; short-dated theta and tight EM favor sellers.

Credit: $0.80-$1.60

Max loss: $4.20

BE: Lower: 614.20 Upper: 641.60

Mgmt: Take profit at 50–65% of max credit; widen or roll if spot moves >1.5% toward a wing.

Theta-focused traders wanting defined risk with short duration

LEAPS Diagonal (45+ DTE core)

Buy 2026-06-30 610C, sell 2026-04-30 630C (diagonal)

Longer-dated diagonal captures pin-induced short-term premium and provides directional optionality with defined roll mechanics; extra time reduces gamma risk vs short-dated directional calls.

Debit: N/A

Max loss: Debit paid

BE: Depends on debit; prefer if you expect support >600 over 45+ days

Mgmt: Close short leg into pin squeeze or roll short calls out 30–45d if premium rich; cut if spot < 595.

Traders seeking multi-week directional exposure with limited carry

Watchlist Triggers

Entry Triggers

IFIf spot holds $629.00 for 30 minutes → Sell 2026-04-30 635/640 call wing as part of 620/615x635/640 iron condor

IFIf spot trades down and holds $620.00 for 30 minutes → Sell 2026-05-01 600/590 put spread

IFIf spot rallies above $635.00 and IV compresses (<16% 16d ATM) → Initiate diagonal: buy 2026-06-30 610C, sell 2026-04-30 630C

Adjustment Triggers

ADJIf spot < $615.00 and 30d IV >22% → Roll down short put wing from 615 to 605 on the 04-30 iron condor or buy protection (buy 600P) and reduce size

ADJIf spot > $640.00 or daily close >$640 → Buy back short call side of iron condor; convert to call spread 640–650 or roll short calls to later expiry

Exit Triggers

EXITIf P/L reaches 60% of max profit on any short premium trade → Close 50–100% of position to crystallize gains

EXITIf VIX > 22 and spot < $618.00 → Exit all short premium positions and hedge with long-dated puts

Tactical Summary

Primary thesis: short premium inside the 625–630 pin corridor, prefer defined-risk put spreads and iron condors; invalidation: sustained break and daily close below $607.90 (EM 2-week lower bound) or a fast collapse toward gamma flip ~ $570. Top plays: 1) Sell 600/590 5/1 put spread (core, 30d), 2) 4/30 620/615x635/640 iron condor (tactical), 3) 6/30 610C vs 4/30 630C diagonal (45+ DTE core).

How to Use These Reports

This directional reflects the market close on April 14, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

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What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.