Home Options QQQReports

QQQ

Invesco QQQ TrustClose $707.83EOD only

Max Pain

$723.00

Next expiry Jun 10, 2026

Expected Move

±$10.86

1.5% from close

Price Gap

+15.17

Distance to max pain

IV Rank

High premium

P/C OI

1.61

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 9, 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 9, 2026 close

QQQ Directional Report

Analysis based on market close June 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias: negative dealer gamma, spot below max pain, trending regime. Downside acceleration toward gamma flip ~660.

Confidence:

7 / 10

Base 5; +2 GEX/flow strong alignment; negative gamma and below pin support high confidence.

Supports: Negative GEX -$797.5M, spot below max pain $709, trending gamma regime.
Conflicts: Neutral flow mixed, normal vol may cap extremes.

📉Negative gamma -$797.5M amplifies downside; spot < $709 max pain.

🎯Gamma flip at ~$660; key downside target.

⚠️Neutral flow mixed; put/call not extreme but trending supports bearish.

Regime Classification

Vol Regime

Normal

IV normal despite -2% drop; no extreme fear.

Gamma Regime

Trending

Negative gamma -$797.5M; trending bias accelerates moves.

Flow Regime

Mixed

Mixed premium flow; put/call elevated but not extreme.

Spot vs Max Pain

Below

Spot below max pain $709; pin risk at gamma flip ~660.

Thesis duration: Multi-week — Negative gamma amplifies downside; spot below key levels suggests sustained pressure.

Price Range Forecast

Next 2 days

$681.59$705.80

Testing support 680; break opens 676.85.

Next 1 week

$672.48$714.91

Key support 672.48; gamma flip 660.

Next 2 weeks

$676.85$710.54

Range 676.85-710.54; pending catalyst.

Key Levels

Max pain pins: $709 (2026-06-10); $715 (2026-06-11); $715 (2026-06-12)

EM guardrails: 2d $681.59/$705.80; 1w $672.48/$714.91

Support: $680.00 · $676.85 · $660.00

Resistance: $709.00 · $710.54

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,471 (4.9% below spot)

Structural: Support: 680, 676.85, 660. Resistance: 709, 710.54. Gamma flip ~660.

Dealer Positioning (GEX/DEX)

GEX: $-797.5M

DEX: +325.5M shares

Gamma flip: ~$660 (Approx — based on put OI concentration of 194,471 (4.9% below spot))

NTM gamma: GEX -$797.5M (negative gamma); DEX +325.5M shares long. Gamma flip ~660.

IV Analysis

IV vs VIX: QQQ IV likely elevated vs VIX given normal vol; not cheap/rich.

Term structure: Contango with weekly expiry kinks.

Skew: Put skew elevated; consider put spreads for defined risk.

Flow Analysis

Net premium: Net premium -$2.49B, strong put dominance (P/C vol 1.12, OI 1.58), heavy bearish flow.

Directional prints: 33 put 696 ITM 2026-06-10 — 696 put vol 220k vs OI 1.5k, extreme ratio. IV high. Aggressive put buying, bearish. Could be hedging, but volume points to directional. 32.5 put 699 ITM 2026-06-10 — 699 put vol 185k vs OI 1.4k. Similar pattern: heavy put buying, bearish sentiment.

Unusual: 6.4 call 699 OTM 2026-06-10 — 699 call vol 152k vs OI 644, premium near zero. Likely closing short calls, neutral/bullish. Unusual due to extreme vol/OI. 4.5 call 696 OTM 2026-06-10 — 696 call vol 102k vs OI 951, IV low, premium 0.06. Similar pattern, possibly closing. Unusual volume relative to OI. 28.2 call 697 OTM 2026-06-11 — June 11 697 call vol 13.6k vs OI 143, high IV 28%. Unusual for next day expiry, possibly a speculative position.

Risks & Catalysts

!Break above 709 resistance negates bearish thesis

!Shift to positive gamma could stabilize

!Macro catalyst (e.g., CPI) could reverse trend

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Short strangle	Conditional	Sell 2026-08-21 $680.00 put + sell $705.00 call Why now: Bearish thesis with downside gamma flip ~660, heavy put flow; short strangle aligns with range-bound expectation but skewed bearish via call strike near resistance.	Downside breakout past put strike (680) causes large loss; upside above 705 also harmful.
Long put	Moderate-Strong	Buy 2026-07-02 $676.00 put Why now: Put dominance, negative gamma, bearish dealer positioning.	Time decay; squeeze risk above 709.
Bear put spread	Moderate	Buy 2026-07-02 $670.00/$665.00 put spread Why now: Reduces premium cost; high put flow supports bearish view.	Capped profit; needs move below short strike.
Call credit spread	Moderate	Sell 2026-07-02 $724.00/$725.00 call spread Why now: Negative gamma favors call selling; defined risk.	Loss if QQQ rallies above short call strike.

Top Plays

Long Put

Buy 2026-07-02 $676.00 put

Buy put to express directional bearish view with defined risk.

Why this play: Directly profits from bearish thesis; high put flow and negative gamma support downside.

Debit: $13.02-$15.91

Max loss: $15.91

BE: $660.09

Mgmt: Monitor invalidation at $709; adjust if gamma flip zone hit.

Aggressive traders seeking maximum downside exposure.

Bear Put Spread

Buy 2026-07-02 $670.00/$665.00 put spread

Buy OTM put spread to cap risk while benefiting from downside.

Why this play: Defined risk, lower cost than long put, aligns with bearish flow.

Debit: $1.23-$1.50

Max loss: $1.50

BE: $668.50

Mgmt: Exit if price breaks above $709; consider rolling if near max gain early.

Traders wanting defined risk and lower premium.

Call Credit Spread

Sell 2026-07-02 $724.00/$725.00 call spread

Sell call spread to profit from bearish bias or lack of upside.

Why this play: Collects premium with defined risk; benefits from downside or sideways.

Credit: $0.22-$0.27

Max loss: $0.73

BE: $724.27

Mgmt: Close if price approaches short strike; monitor resistance at $709.

Conservative traders seeking income with limited risk.

Watchlist Triggers

Entry Triggers

IFQQQ breaks below $680 support → Buy 2026-07-02 $676 put (long put) per entry range $13.02-$15.91

IFQQQ approaches $680 with bearish momentum → Buy 2026-07-02 $670/$665 put spread per entry range $1.23-$1.50

IFQQQ rallies to $709 resistance → Sell 2026-07-02 $724/$725 call spread per entry range $0.22-$0.27

Exit Triggers

EXITQQQ breaks above $709 resistance → Close all bearish positions (long put, bear put spread, call credit spread)

Tactical Summary

Bearish bias due to negative dealer gamma and heavy put flow. Key support at $680, $676.85, and gamma flip $660. Resistance at $709. Favor long put or bear put spread on breakdown; call credit spread on rally to resistance. Invalidate thesis above $709.

How to Use These Reports

This directional reflects the market close on June 10, 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.