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QQQ

Invesco QQQ TrustClose $740.61EOD only
Max Pain
$730.00
Next expiry Jun 5, 2026
Expected Move
±$5.53
0.8% from close
Price Gap
-10.61
Distance to max pain
IV Rank
62
High premium
P/C OI
1.71
Slightly put-heavy
Consensus
8.5/10
Range bias
Published snapshot: Jun 4, 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 4, 2026 close
QQQ Directional Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

QQQ bearish near-term bias: negative dealer gamma (-$821.6M), spot $703.57 well below max pain $735, and VIX 21.5 elevate fear. Downside risk to 680-685 support; resistance 715. Watch gamma flip at 660.

Confidence:
7 / 10
Base 5 (trend/momentum); +2 GEX/flow alignment; -0.5 spot 4.1% below MP; +0.5 VIX 22.
Supports: Negative gamma, spot below max pain, put OI concentration, high VIX, large daily drop.
Conflicts: Oversold bounce risk; gamma flip at 660 may slow selling.
🔻Negative dealer gamma -$821.6M amplifies moves.
📉Spot $703.57 far below max pain $735 (6/5).
🛡️Gamma flip ~$660 based on 194k put OI.

Regime Classification

Vol Regime
Normal
VIX at 21.5, elevated but not panic; QQQ vol normal vs history.
Gamma Regime
Trending
Net dealer gamma -$821.6M, trending/negative; gamma flip ~$660.
Flow Regime
Mixed
Mixed flow with heavy put OI; 194k puts 6.4% below spot creating flip.
Spot vs Max Pain
Below
Spot $703.57 vs max pain $735 (6/5), $742 (6/8); below, bearish pinning.
Thesis duration: Event-specific — Weekly OPEX 6/5 with max pain $735; negative gamma amplifies downside; VIX high.

Price Range Forecast

Next 2 days
$694.70$715.41
Negative gamma, momentum down; test 695 support.
Next 1 week
$684.00$726.11
Max pain declining; biased lower toward 684.
Next 2 weeks
$673.08$737.03
Gamma flip 660 adds downside; resistance 735-737.

Key Levels

Max pain pins: $735 (2026-06-05); $742 (2026-06-08); $741 (2026-06-09)
EM guardrails: 2d $694.70/$715.41; 1w $684.00/$726.11
Support: $680.00 · $673.08 · $660.00
Resistance: $735.00 · $737.03
Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,217 (6.4% below spot)
Structural: Support: 680, 673.08 (gamma flip), 660. Resistance: 735 (max pain), 737. Guardrails: 2d 694.70-715.41; 1w 684.00-726.11.

Dealer Positioning (GEX/DEX)

GEX: $-821.6M

DEX: +318.7M shares

Gamma flip: ~$660 (Approx — based on put OI concentration of 194,217 (6.4% below spot))

NTM gamma: Net dealer gamma -$821.6M negative. Gamma flip ~$660 from put OI (194k, 6.4% below spot). Hedges amplify spot moves.

IV Analysis

IV vs VIX: QQQ IV elevated vs VIX (21.5) given 4.8% drop; front-month rich, back-month cheap.

Term structure: Front-end elevated with weekly OPEX; contango expected post-event.

Skew: Put skew steep; selling tail risk or buying upside calls opportune if recovery.

Flow Analysis

Net premium: Heavy net sold ($4.48B); P/C vol ~1, OI 1.67, bearish.

Directional prints: 21.1 call 726 OTM 2026-06-05 — Highest vol OTM call; vol/OI 443x. Extreme selling to close, bearish signal.

Unusual: 14.8 call 719 OTM 2026-06-05 — Vol/OI 532x, OTM call expiring. Likely closing longs. 12.9 call 717 OTM 2026-06-05 — Vol/OI 500x; similar closing activity. 11.9 call 716 OTM 2026-06-05 — Vol/OI 459x; consistent aggressive selling.

Risks & Catalysts

!Sharp reversal if VIX spikes above 25.
!Gamma squeeze if spot rallies to 735 quickly.
!OPEX volatility spike at expiration.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate
Buy 2026-06-26 $705.00/$700.00 put spread
Why now: Defined risk bearish play; buy 705 put sell 700 put for 21 DTE captures downside to 685
Upside risk if spot rallies above 705; max loss limited to debit paid
Long putModerate-Strong
Buy 2026-06-26 $705.00 put
Why now: Direct bearish exposure; buy 705 put for 21 DTE to profit from decline
Time decay and upside risk if spot rallies; unlimited loss if short? Actually long put has max loss limited to premium

Top Plays

#1
Bear Put Spread 705/700
Buy 2026-06-26 $705.00/$700.00 put spread
Captures downside to 685 with a $2.75 debit, defined max loss of $2.77, and max gain of $2.23.
Why this play: Outranks long put due to lower cost and defined risk, aligning with bearish thesis while limiting downside if reversal occurs.
Debit: $2.27-$2.77
Max loss: $2.77
BE: $702.23
Mgmt: Monitor invalidation at 735; consider early exit near 680 support.
Risk-averse bearish traders seeking limited capital exposure.
#2
Long Put 705
Buy 2026-06-26 $705.00 put
Direct bearish bet with $18.47 debit, unlimited gain potential if QQ drops sharply.
Why this play: Higher leverage for aggressive bearish traders, but larger capital requirement and unlimited risk make it secondary.
Debit: $18.47-$22.57
Max loss: $22.57
BE: $682.43
Mgmt: Set stop at 735; consider profit-taking near 680.
Aggressive bearish traders seeking high leverage.

Watchlist Triggers

Entry Triggers
IFIf QQQ trades below 694.70 (2d lower guardrail) with volume confirms bearish momentum → Enter Bear Put Spread 705/700 at debit 2.27-2.77 (Rank 1)
Exit Triggers
EXITIf QQQ falls to 680 support (first key level) and shows signs of holding/consolidation → Close Bear Put Spread 705/700 for profit (target gain ~$2.23)
EXITIf QQQ rallies above 735 (invalidation level / max pain) intraday with strong volume → Close Bear Put Spread 705/700 immediately to limit loss to max $2.77

Tactical Summary

Bearish bias on QQQ; negative dealer gamma, spot below max pain. Key support 680, 673, 660; resistance 735. Use defined-risk bear put spread 705/700 for downside. Exit near 680 or if 735 reclaims.
How to Use These Reports
This directional reflects the market close on June 5, 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.