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QQQ

Invesco QQQ TrustClose $713.15EOD only
Max Pain
$705.00
Next expiry May 21, 2026
Expected Move
±$8.39
1.2% from close
Price Gap
-8.15
Distance to max pain
IV Rank
41
Middle-high premium
P/C OI
1.66
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 20, 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 20, 2026 close
QQQ Directional Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

QQQ is supported by strong dealer gamma (+$331.6M) pinning price near $703-705 max pain, with spot above $705. Normal vol and positive gamma favor limited downside and bullish drift toward $721.54 resistance, backed by VIX at 17.

Confidence:
9 / 10
Base 5 +2 GEX/flow alignment +1 pinning +0.5 spot proximity +1 VIX 17 = 9.5; strong dealer structure and moderate vol support high confidence.
Supports: Dealer GEX +$331.6M, max pain $703, support $687.65, gamma flip at $590 distant
Conflicts: Mixed flow, resistance $738.66, VIX normal but not low
📈Strong GEX +$331.6M pins price near $703-705
⚖️Spot above MP but within gamma range, limited downside
🛑Resistance at $738.66 caps longer-term upside

Regime Classification

Vol Regime
Normal
IV normal relative to realized, VIX 17 supports steady moves without tail risk.
Gamma Regime
Pinning
Positive gamma $+331.6M pinning toward $703 MP; flip at $590 distant, strong dealer hedging.
Flow Regime
Mixed
Mixed flow but net premium context bullish given high GEX.
Spot vs Max Pain
Above
Spot 1.4% above MP ($703), gamma tug provides floor for bullish drift.
Thesis duration: Multi-week — Normal vol, pinning gamma, dealer support suggest multi-week bullish drift with defined risk.

Price Range Forecast

Next 2 days
$704.76$721.54
Support $703, resistance $721.54
Next 1 week
$698.03$728.27
Range $698-$728; test upper bound with gamma support
Next 2 weeks
$687.65$738.66
Range $687-$738; upside capped at resistance

Key Levels

Max pain pins: $703 (2026-05-20); $705 (2026-05-21); $700 (2026-05-22)
EM guardrails: 2d $704.76/$721.54; 1w $698.03/$728.27
Support: $703.00 · $687.65 · $660.00
Resistance: $738.66
Gamma flip: ~$590.00 — Approx — based on put OI concentration of 107,013 (17.3% below spot)
Structural: Support: $703 (MP), $687.65, $660; Resistance: $738.66; Gamma flip at $590 distant.

Dealer Positioning (GEX/DEX)

GEX: $+331.6M

DEX: +261.5M shares

Gamma flip: ~$590 (Approx — based on put OI concentration of 107,013 (17.3% below spot))

NTM gamma: GEX +$331.6M, DEX +261.5M shares; gamma flip at ~$590, well below spot, dampens downside risk.

IV Analysis

IV vs VIX: QQQ IV consistent with VIX 17, neutral positioning.

Term structure: Flat to slight contango, no event kinks, normal expiry.

Skew: Typical skew; opportunity: bull call spreads near $703 support using pinning gamma.

Flow Analysis

Net premium: Net premium +$636.7M, put/call vol ratio 1.16, OI ratio 1.66, significant put accumulation.

Directional prints: 19.3 put 708 OTM 2026-05-20 — Vol 93.5k vs OI 1.1k, bought, bearish. 10.8 call 713 ITM 2026-05-20 — Vol 114k vs OI 2.8k, bought, bullish.

Unusual: 25.1 put 676 OTM 2026-06-05 — Vol 15k vs OI 163, vol/OI 92x, bought, speculative bearish. 25.4 put 711 OTM 2026-05-20 — Vol 71.5k vs OI 879, vol/OI 81x, bought, bearish. 16.5 put 707 OTM 2026-05-20 — Vol 73k vs OI 923, vol/OI 79x, bought, bearish.

Risks & Catalysts

!Break below $703 MP could trigger selloff
!Gamma flip at $590 distant but severe if triggered
!Resistance $738.66 caps upside
!Bearish flow shift on negative catalyst

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-06-12 $711.00/$721.00 call spread
Why now: Dealer gamma supports limited downside; 23-30 DTE aligns with multi-week bias.
Max loss if QQQ declines below long strike; profit capped at short strike.
Put credit spreadModerate
Sell 2026-06-12 $701.00/$687.00 put spread
Why now: High put OI at $703-$705 provides support; net premium flow bullish.
Loss if QQQ falls below short put strike; defined max loss.
Long callModerate-Strong
Buy 2026-06-12 $711.00 call
Why now: Positive dealer gamma and low VIX favor sustained uptrend; limited risk.
Time decay accelerates if drift stalls; full loss if below strike at expiry.
Call diagonalModerate
Sell 2026-06-05 $715.00 call / buy 2026-06-26 $712.00 call
Why now: Front-month skew rich; back-month benefits from bullish trend without near-term gamma.
Loss if near-term volatility spikes or trend reverses; early assignment risk.

Top Plays

#1
Bull Call Spread
Buy 2026-06-12 $711.00/$721.00 call spread
Captures upside to $721 resistance with limited capital at risk.
Why this play: Aligned with bullish drift and limited downside from dealer gamma; defined risk and lower cost.
Debit: $4.80-$5.87
Max loss: $5.87
BE: $716.87
Mgmt: Exit if spot breaks below $703; take profit near resistance.
Traders seeking defined risk with bullish bias.
#2
Put Credit Spread
Sell 2026-06-12 $701.00/$687.00 put spread
Sells put premium to profit from bullish floor.
Why this play: Benefiting from put support at $703-$705 and net premium flow.
Credit: $3.14-$3.84
Max loss: $10.16
BE: $697.16
Mgmt: Close if spot drops below $703; manage around max pain.
Traders preferring credit strategies with high probability.
#3
Long Call
Buy 2026-06-12 $711.00 call
Direct bullish bet with defined risk.
Why this play: Leverages unlimited upside potential with limited loss if managed.
Debit: $15.73-$19.22
Max loss: $19.22
BE: $730.22
Mgmt: Set stop loss at $703; trail stop as trend continues.
Aggressive traders comfortable with higher cost.

Watchlist Triggers

Entry Triggers
IFQQQ holds above $703 support → Buy 2026-06-12 $711.00/$721.00 call spread near $4.80-$5.87 debit
IFQQQ stays above $703, floor holds → Sell 2026-06-12 $701.00/$687.00 put spread for $3.14-$3.84 credit
IFQQQ breaks $710 resistance with volume → Buy 2026-06-12 $711.00 call for $15.73-$19.22 debit
Adjustment Triggers
ADJQQQ approaches $721.54 resistance → Take partial profit on call spreads; roll long call up
Exit Triggers
EXITQQQ closes below $703 → Close all bullish positions

Tactical Summary

Bullish near-term with support at $703 from dealer gamma. Favor defined-risk bull call spread and put credit spread. Invalidation at $703; upside target $721.54. Use limit entries within recommended ranges.
How to Use These Reports
This directional reflects the market close on May 20, 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.