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QQQ

Invesco QQQ TrustClose $717.54EOD only

Max Pain

$712.00

Next expiry May 26, 2026

Expected Move

±$7.45

1.0% from close

Price Gap

-5.54

Distance to max pain

IV Rank

High premium

P/C OI

1.71

Slightly put-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 22, 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 22, 2026 close

QQQ Directional Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

QQQ bullish drift supported by positive dealer gamma and spot above max pain ($717). Normal vol and mixed flow allow gradual grind to upper ranges. Maintain bullish bias 1-2 weeks, targeting $736-$744 resistance.

Confidence:

9 / 10

Base 5; +2 GEX/flow alignment; +1 gamma positive; +0.5 spot above MP; +1 normal VIX.

Supports: Positive gamma, spot above MP, normal vol, upward momentum.
Conflicts: Mixed flow, VIX 17 not low, potential overextension near top of 2d range.

📈Spot $730 above MP $717, bullish drift intact.

⚠️VIX 17 elevated; watch for vol pickup if risk off.

Regime Classification

Vol Regime

Normal

Normal vol; IV near VIX 17, no expected shock.

Gamma Regime

Pinning

Positive gamma $534.8M, pinning support at $717 MP.

Flow Regime

Mixed

Mixed net premium; dealers neutral directional bias.

Spot vs Max Pain

Above

Spot 1.8% above MP; bullish drift but cautious on overextension.

Thesis duration: Multi-week — Normal vol, positive gamma, and above MP support gradual upward trend within 2-week ranges.

Price Range Forecast

Next 2 days

$724.39$736.18

Range $724-$736; spot $730, room toward $736 guardrail.

Next 1 week

$716.39$744.17

Range $716-$744; MP $717 support, grind higher likely.

Next 2 weeks

$703.38$757.18

Range $703-$757; structural gamma support, upside bias.

Key Levels

Max pain pins: $717 (2026-05-26); $717 (2026-05-27); $715 (2026-05-28)

EM guardrails: 2d $724.39/$736.18; 1w $716.39/$744.17

Support: $717.00 · $703.38

Resistance: $757.18

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 107,129 (19.2% below spot)

Structural: S: $717 (MP), $703.38; R: $757.18; Gamma flip ~$590 (deep downside).

Dealer Positioning (GEX/DEX)

GEX: $+534.8M

DEX: +262.5M shares

Gamma flip: ~$590 (Approx — based on put OI concentration of 107,129 (19.2% below spot))

NTM gamma: GEX +$534.8M, DEX +262.5M shares; dealers net long gamma, supporting upside.

IV Analysis

IV vs VIX: QQQ IV near VIX 17; fair priced, no vol premium.

Term structure: Slight contango; near-term flat, no event kinks.

Skew: Put skew moderate; no standout structure.

Flow Analysis

Net premium: Net premium modest put bias; P/C vol ratio 1.16, OI ratio 1.70; puts bought for hedging.

Directional prints: 3 put 728 OTM 2026-05-26 — Vol/OI 1060, OI 266; likely bought hedging/speculation on downside; negligible premium.

Unusual: 2.5 put 729 OTM 2026-05-26 — Vol/OI 995, OI 233; bought, hedging; low premium. 4.1 put 727 OTM 2026-05-26 — Vol/OI 715, OI 322; bought, hedging; low premium. 5.1 put 726 OTM 2026-05-26 — Vol/OI 522, OI 353; bought, hedging; low premium.

Risks & Catalysts

!Gap to $590 gamma flip if downside accelerates.

!VIX spike above 20 from macro shock.

!Earnings or policy surprise reversing bullish momentum.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-06-18 $728.00/$760.00 call spread Why now: Defined-risk way to capture upside to target resistance with limited capital.	Upside capped; gap risk from macro shock.
Put credit spread	Moderate-Strong	Sell 2026-06-18 $706.00/$674.00 put spread Why now: Credit premium capture near key support; bullish-neutral bias.	Assignment risk if spot breaks support; gap down.
Long call	Moderate	Buy 2026-06-18 $732.00 call Why now: Direct bullish exposure with defined risk; favors upside drift.	Time decay; theta if spot stagnates; gap down.

Top Plays

Bull Call Spread

Buy 2026-06-18 $728.00/$760.00 call spread

Buy $728/$760 call spread for bullish drift to $736-$744.

Why this play: Best defined-risk upside capture to target resistance with limited capital.

Debit: $11.58-$14.15

Max loss: $14.15

BE: $742.15

Mgmt: Exit if QQQ breaks below $717 invalidation.

Traders seeking defined risk with upside exposure.

Long Call

Buy 2026-06-18 $732.00 call

Buy $732 call to capitalize on bullish momentum.

Why this play: Direct bullish exposure with unlimited upside potential if drift continues.

Debit: $14.03-$17.15

Max loss: $17.15

BE: $749.15

Mgmt: Monitor closely; exit if price falls below $717.

Aggressive traders comfortable with higher premium.

Put Credit Spread

Sell 2026-06-18 $706.00/$674.00 put spread

Sell $706/$674 put spread to collect premium while staying above support.

Why this play: Credit premium capture near support; aligns with bullish-neutral bias.

Credit: $3.98-$4.86

Max loss: $27.14

BE: $701.14

Mgmt: Manage risk if QQQ drops below $717.

Income-focused traders expecting sideways to upward drift.

Watchlist Triggers

Entry Triggers

IFIF QQQ holds above $717 support → THEN buy the $728/$760 call spread (bull call spread) for defined upside.

Exit Triggers

EXITIF QQQ breaks below $717 invalidation → THEN exit all bullish positions.

Tactical Summary

Bullish bias with key support at $717. Target resistance $736-$744. Preferred play: bull call spread $728/$760. Invalidation: break below $717.

How to Use These Reports

This directional reflects the market close on May 26, 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.