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QQQ

Invesco QQQ TrustClose $707.24EOD only

Max Pain

$700.00

Next expiry May 13, 2026

Expected Move

±$6.19

0.9% from close

Price Gap

-7.24

Distance to max pain

IV Rank

High premium

P/C OI

1.71

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 12, 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 12, 2026 close

QQQ Directional Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish with dealer gamma support. Spot above $700 max pain. EM guardrails $702-$727. Key resistance $742.

Confidence:

9 / 10

Base 5 +2 GEX/flow +1 pinning +1 VIX 18.

Supports: Dealer long gamma pins; flow positive; spot above max pain.
Conflicts: Gamma flip deep $590; resistance $742; VIX risk.

📈Gamma pins upside

⚖️Spot >700 bull

⚠️Resistance $742 key

Regime Classification

Vol Regime

Normal

IV normal vs VIX.

Gamma Regime

Pinning

GEX +483M pins spot, flip at $590.

Flow Regime

Mixed

Mixed net premium, supportive.

Spot vs Max Pain

Above

Spot >$700 max pain, bullish.

Thesis duration: Multi-week — Normal vol, gamma pinning, spot above max pain => multi-week bullish.

Price Range Forecast

Next 2 days

$707.98$721.44

Gamma pin to $721.

Next 1 week

$702.09$727.33

Grind to $727.

Next 2 weeks

$687.49$741.93

Breakout above $742?

Key Levels

Max pain pins: $700 (2026-05-13); $700 (2026-05-14); $650 (2026-05-15)

EM guardrails: 2d $707.98/$721.44; 1w $702.09/$727.33

Support: $700.00 · $687.49 · $650.00

Resistance: $741.93

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 106,969 (17.4% below spot)

Structural: S $700, $687, $650; R $742; EM 2d $708/$721, 1w $702/$727; gamma flip $590.

Dealer Positioning (GEX/DEX)

GEX: $+483.0M

DEX: +288.3M shares

Gamma flip: ~$590 (Approx — based on put OI concentration of 106,969 (17.4% below spot))

NTM gamma: Long gamma +$483M, pinning; flip ~$590; DEX +288M.

IV Analysis

IV vs VIX: IV normal vs VIX, no dislocation.

Term structure: Normal term structure.

Skew: Bullish skew, put tail cheap.

Flow Analysis

Net premium: Net premium +$613.7M, put/call vol ratio 1.69, heavy put volume suggests hedging or bearish bets despite rally.

Directional prints: 5.1 call 715 OTM 2026-05-13 — Vol 257k vs OI 7.5k (34x), large 0DTE call buying; possibly bullish speculation or covering short calls; bought aggressively. 0 put 715 ITM 2026-05-13 — Vol 118k vs OI 685 (173x), massive 0DTE put buying; bearish hedge or directional put buying; likely bought.

Unusual: 6.3 put 710 OTM 2026-05-13 — Vol 145k vs OI 2.4k (61x), unusual put volume; likely bought for bearish hedge. 11.7 put 705 OTM 2026-05-13 — Vol 115k vs OI 4.3k (27x), deep OTM puts bought heavily; bearish speculation. 56.3 put 639 OTM 2026-05-14 — Vol 3.4k vs OI 117 (29x), far OTM put with high IV; unusual tail risk hedge.

Risks & Catalysts

!Gamma flip failure, tech selloff, resistance holds.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-12 $740.00/$745.00 call spread Why now: Dealer gamma support below, heavy put hedging suggests upside risk	Resistance at 742 holds
Long call	Moderate-Weak	Buy 2026-06-12 $735.00 call Why now: Large 0DTE call buying, bullish speculation	Time decay, no immediate catalyst

Top Plays

Bull Call Spread

Buy 2026-06-12 $740.00/$745.00 call spread

Bullish with limited downside.

Why this play: Defined risk, benefits from dealer gamma support and put hedging.

Debit: $1.36-$1.66

Max loss: $1.66

BE: $741.66

Mgmt: Exit at 50% max gain or below $700.

Risk-averse traders.

Long Call

Buy 2026-06-12 $735.00 call

Unlimited upside on continued rally.

Why this play: Captures momentum from large 0DTE call buying.

Debit: $9.27-$11.32

Max loss: $11.32

BE: $746.32

Mgmt: Stop-loss at $700; take profits near $742 resistance.

Aggressive traders.

Watchlist Triggers

Entry Triggers

IFQQQ holds >$700 and consolidates near $708-$721 (2d EM) → Enter Bull Call Spread: Buy 2026-06-12 $740/$745 spread at $1.36-$1.66

IFQQQ breaks above $727 (1w EM) with volume → Enter Long Call: Buy 2026-06-12 $735 call at $9.27-$11.32

Exit Triggers

EXITQQQ closes below $700 or Bull Call Spread hits 50% max gain → Exit Bull Call Spread. Stop loss Long Call at $700.

EXITQQQ approaches $742 resistance and stalls → Take profits on Long Call; reduce or exit Bull Call Spread.

Tactical Summary

Bullish bias with dealer gamma support at $700. Key resistance $742. Prefer Bull Call Spread for defined risk; Long Call for aggressive plays. Invalidation below $700; take profits near $742.

How to Use These Reports

This directional reflects the market close on May 13, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.