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QQQ

Invesco QQQ TrustClose $721.34EOD only
Max Pain
$715.00
Next expiry Jun 15, 2026
Expected Move
±$10.27
1.4% from close
Price Gap
-6.34
Distance to max pain
IV Rank
90
High premium
P/C OI
1.55
Slightly put-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: Jun 12, 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 12, 2026 close
QQQ Directional Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias with pinning resistance near expiration; dealer gamma supports price within range.

Confidence:
9 / 10
Strong GEX/flow alignment (+2), positive gamma pinning (+1), spot near MP (+0.5), low VIX (+1).
Supports: Bullish dealer gamma, spot above MP, low VIX, strong GEX alignment.
Conflicts: Resistance at $750.44, mixed flow, potential mean reversion to MP.
📈Dealer gamma pinning supports bullish bias near $710-715.
⚠️Resistance at $750.44 and gamma flip at $660 pose risks.
📊Low VIX at 17.7 confirms normal vol environment.

Regime Classification

Vol Regime
Normal
IV at typical levels, VIX 17.68, no extreme volatility expected.
Gamma Regime
Pinning
Positive gamma $+199.5M, flip at $660; strong pinning to max pain $710-$715.
Flow Regime
Mixed
Mixed flow; net premium modest, calls and puts balanced.
Spot vs Max Pain
Above
Spot trading ~1.6% above max pain $710, typical pinning above MP.
Thesis duration: Event-specific — Near-term pinning to expiry (2026-06-12/15/16) suggests event-driven behavior.

Price Range Forecast

Next 2 days
$711.07$731.61
Spot above MP $710, resistance $731.61.
Next 1 week
$704.42$738.26
Max pain pinning $710-$715, support $704.42.
Next 2 weeks
$692.24$750.44
Gamma flip $660, resistance $750.44.

Key Levels

Max pain pins: $710 (2026-06-12); $715 (2026-06-15); $711 (2026-06-16)
EM guardrails: 2d $711.07/$731.61; 1w $704.42/$738.26
Support: $710.00 · $700.00 · $680.00
Resistance: $750.44
Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,510 (8.5% below spot)
Structural: Support: $710, $700, $680; Resistance: $750.44; Gamma flip ~$660.

Dealer Positioning (GEX/DEX)

GEX: $+199.5M

DEX: +296.3M shares

Gamma flip: ~$660 (Approx — based on put OI concentration of 194,510 (8.5% below spot))

NTM gamma: Dealers long gamma $+199.5M, pinning near MP; gamma flip at ~$660 (put OI concentration).

IV Analysis

IV vs VIX: QQQ IV in line with VIX at ~17.7, normal regime.

Term structure: Front-end elevated near expiry, backwardation typical.

Skew: Put skew elevated, potential for overpriced puts; call overwriting attractive.

Flow Analysis

Net premium: P/C vol 0.97 calls, OI 1.55 puts; net premium uncertain but put buying suggests bearish bias.

Directional prints: 2 put 720 OTM 2026-06-12 — Vol/OI 77.1; OTM put buying, downside hedge. Bearish. 4.9 call 723 OTM 2026-06-12 — Vol/OI 70.5; OTM call buying, bullish speculation.

Unusual: 0.7 put 721 OTM 2026-06-12 — Vol/OI 195.6; extreme OTM put volume, cheap hedge. Bearish. 3.1 put 719 OTM 2026-06-12 — Vol/OI 149.8; similar OTM put buy, spread. Bearish. 12.1 call 721 ITM 2026-06-12 — Vol/OI 114.2; aggressive OTM call buying. Bullish.

Risks & Catalysts

!Gamma flip at $660 if spot drops.
!Resistance break above $750.44.
!Expiration pinning reversal.
!Mixed flow could shift sentiment.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate
Buy 2026-06-26 $713.00/$724.00 call spread
Why now: Bullish bias, dealer gamma support, capture convexity
Resistance break above 750 or gamma flip below 660
Put credit spreadModerate
Sell 2026-06-26 $704.00/$689.00 put spread
Why now: Bullish-neutral, defined risk, high probability
Break below 715 could widen losses
Iron condorModerate-Weak
Sell 2026-06-26 $704.00/$689.00 put wing and $724.00/$733.00 call wing
Why now: Pinning at resistance, low IV skew, defined risk
Breakout beyond wings or earnings move

Top Plays

#1
Bull Call Spread
Buy 2026-06-26 $713.00/$724.00 call spread
Long call spread to profit from upside move with defined risk.
Why this play: Best captures bullish bias with dealer gamma support and pinning resistance.
Debit: $5.74-$7.01
Max loss: $7.01
BE: $720.01
Mgmt: Exit if price drops below $710 or target reached.
Traders expecting bullish momentum with limited downside.
#2
Put Credit Spread
Sell 2026-06-26 $704.00/$689.00 put spread
Sell put spread to collect premium, benefiting from time decay and stable price.
Why this play: High probability bullish-neutral play with defined risk, suitable for moderate upside.
Credit: $2.56-$3.12
Max loss: $11.88
BE: $700.88
Mgmt: Close if price breaches $710 or at 50% max profit.
Traders with neutral to slightly bullish outlook seeking high win rate.
#3
Iron Condor
Sell 2026-06-26 $704.00/$689.00 put wing and $724.00/$733.00 call wing
Range-bound strategy profiting from price staying within wings.
Why this play: Exploits pinning resistance and low IV skew, but lower conviction given bullish lean.
Credit: $6.84-$8.36
Max loss: $6.64
BE: 695.64 / 732.36
Mgmt: Adjust if price approaches wings; exit at expiration or early profit.
Traders expecting low volatility and pinning near resistance.

Watchlist Triggers

Entry Triggers
IFQQQ holds above $710 support → Buy QQQ 2026-06-26 $713/$724 call spread at $5.74-$7.01
IFQQQ consolidates above $710 → Sell QQQ 2026-06-26 $704/$689 put spread at $2.56-$3.12
Exit Triggers
EXITQQQ drops below $710 → Exit all bullish positions (call spread & put spread) immediately

Tactical Summary

Bullish bias with dealer gamma support; key support $710, resistance $750.44. Prefer Bull Call Spread (rank 1) and Put Credit Spread (rank 2). Invalidation at $710.
How to Use These Reports
This directional reflects the market close on June 12, 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.