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QQQ

Invesco QQQ TrustClose $744.21EOD only

Max Pain

$738.00

Next expiry Jun 4, 2026

Expected Move

±$6.56

0.9% from close

Price Gap

-6.21

Distance to max pain

IV Rank

High premium

P/C OI

1.67

Slightly put-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 3, 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

Jun 3, 2026 close

QQQ Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

QQQ at $743 max pain with $+9.7M positive gamma limiting downside. Mixed flow and normal vol suggest range-bound trade. High confidence due to alignment of levels and dealer positioning.

Confidence:

9 / 10

Base5; +2 GEX/flow; +1 positive gamma; +1 spot near MP; +1 VIX15

Supports: Positive gamma, spot at MP, clear levels, low VIX
Conflicts: Mixed flow, QQQ down 0.48%, tech weakness

📌QQQ pinned at $743 max pain

🛡️Positive gamma $+9.7M supports near spot

🌐VIX 15 normal vol, range likely holds

Regime Classification

Vol Regime

Normal

IV normal, VIX at 15.4, typical range

Gamma Regime

Pinning

Positive gamma $+9.7M, flip at $660, pinning at $743

Flow Regime

Mixed

Mixed premium flow, no strong directional signal

Spot vs Max Pain

Spot at $743, at max pain, within 0.3%

Thesis duration: Event-specific — Pin action from weekly expiry, gamma support, near max pain

Price Range Forecast

Next 2 days

$735.08$746.13

Pinning at $743, range $735-$746

Next 1 week

$729.69$751.53

Max pain shifts to $730, range $730-$752

Next 2 weeks

$717.69$763.52

Risk to $718 support if pinning breaks

Key Levels

Max pain pins: $743 (2026-06-04); $730 (2026-06-05); $742 (2026-06-08)

EM guardrails: 2d $735.08/$746.13; 1w $729.69/$751.53

Support: $717.69 · $680.00

Resistance: $743.00 · $763.52

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 193,544 (10.9% below spot)

Structural: Max pain $743 (6/4), $730 (6/5), $742 (6/8). EM guardrails: 2d $735/$746, 1w $730/$752. Support $718/$680, resistance $743/$764. Gamma flip $660.

Dealer Positioning (GEX/DEX)

GEX: $+9.7M

DEX: +280.5M shares

Gamma flip: ~$660 (Approx — based on put OI concentration of 193,544 (10.9% below spot))

NTM gamma: Dealer gamma positive $+9.7M, delta long +280.5M shares, gamma flip $660 supports pinning.

IV Analysis

IV vs VIX: QQQ IV slightly rich vs VIX 15.4, normal regime

Term structure: Contango, kink at weekly expiry from max pain

Skew: Put skew moderate, no actionable vol structure play

Flow Analysis

Net premium: Net call premium of $468.6M, put/call vol ratio 0.99 (slight call bias), OI ratio 1.71 (put heavy) but aggressive call buying today.

Directional prints: 0 call 740 ITM 2026-06-04 — Vol 370k, OI 2.2k, vol/oi 166.7. Likely aggressive bought, preferred read: bullish. 0.7 call 741 OTM 2026-06-04 — Vol 285k, OI 1.4k, vol/oi 200.1. Likely aggressive bought, preferred read: bullish. 26.1 call 739 ITM 2026-06-04 — Vol 202k, OI 617, vol/oi 328.1. Likely aggressive bought, preferred read: bullish.

Unusual: 20.1 call 736 ITM 2026-06-04 — Vol 132k, OI 305, vol/oi 433. Extremely high ratio, likely bought, preferred read: bullish. 17.9 call 737 ITM 2026-06-04 — Vol 181k, OI 300, vol/oi 603. Highest vol/oi, likely bought, preferred read: bullish. 25.4 call 734 ITM 2026-06-04 — Vol 45k, OI 273, vol/oi 164.7. Deep ITM call buying, likely directional, preferred read: bullish.

Risks & Catalysts

!Break of $743 max pain may accelerate selling

!Gamma flip at $660 if breached destabilizes

!Tech sector selloff from macro concerns

!IV expansion disrupts positions

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Iron condor	Moderate	Sell 2026-06-18 $718.00/$717.00 put wing and $743.00/$744.00 call wing Why now: Iron condor harvests premium within defined range; suits neutral bias.	Break beyond wings causes max loss; gamma accelerates near expiry.
Put credit spread	Moderate	Sell 2026-06-18 $718.00/$717.00 put spread Why now: Put credit spread leans bullish neutral with defined risk.	Downside if break below 735 support.
Short strangle	Moderate-Weak	Sell 2026-06-18 $718.00 put + sell $743.00 call Why now: Short strangle captures wider premium with same neutral view.	Undefined tail risk if large move beyond strikes.

Top Plays

Iron Condor on QQQ

Sell 2026-06-18 $718.00/$717.00 put wing and $743.00/$744.00 call wing

Sells put and call wings near max pain and gamma support, harvesting premium.

Why this play: Neutral thesis and range-bound levels align perfectly; defined risk with high probability.

Credit: $0.79-$0.96

Max loss: $0.04

BE: 717.04 / 743.96

Mgmt: Close at 50% max gain or near expiration; adjust if gamma flip threatens.

Traders seeking neutral premium collection with low volatility.

Put Credit Spread on QQQ

Sell 2026-06-18 $718.00/$717.00 put spread

Sell OTM put spread below max pain, benefiting from positive gamma floor.

Why this play: Slight bullish bias from flow, but neutral thesis cap; defined risk and good liquidity.

Credit: $0.32-$0.40

Max loss: $0.60

BE: $717.60

Mgmt: Exit if price breaks below 717.69 invalidation; take profit at 50%.

Traders with mild bullish tilt wanting limited downside.

Short Strangle on QQQ

Sell 2026-06-18 $718.00 put + sell $743.00 call

Sells both sides outside expected range to capture time decay.

Why this play: Wider premium but unlimited loss; lower priority given neutral range and gamma support.

Credit: $13.49-$16.49

Max loss: Unlimited

BE: 701.51 / 759.49

Mgmt: Monitor gamma; close early if vol spikes; roll if tested.

Aggressive traders comfortable with tail risk and wide stops.

Watchlist Triggers

Entry Triggers

IFQQQ trades between $718 and $743 → Enter iron condor: sell 2026-06-18 718/717 put wing and 743/744 call wing for $0.79-$0.96 credit

IFQQQ holds above $717.69 → Enter put credit spread: sell 2026-06-18 718/717 put spread for $0.32-$0.40 credit

Exit Triggers

EXITQQQ breaks below $718 or above $743 → Close iron condor for max loss

EXITQQQ breaks below $717.69 → Close put credit spread for max loss

Tactical Summary

Neutral bias: QQQ range-bound between $718 support and $743 resistance. Positive gamma at $743 limits downside. Prefer iron condor for premium collection; consider put credit spread if price holds above $717.69. Exit on break of key levels.

How to Use These Reports

This directional reflects the market close on June 4, 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.