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QQQ

Invesco QQQ TrustClose $744.00EOD only

Max Pain

$717.00

Next expiry Jun 16, 2026

Expected Move

±$6.82

0.9% from close

Price Gap

-27.00

Distance to max pain

IV Rank

100

High premium

P/C OI

1.59

Slightly put-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: Jun 15, 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 15, 2026 close

QQQ Directional Report

Analysis based on market close June 16, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias as QQQ breaks key support, negative dealer gamma amplifies selling, and spot below max pain. Targets 720 (2d), 713 (1w) support.

Confidence:

8.5 / 10

GEX/flow aligned, spot 1.1% below MP, VIX 16 moderate.

Supports: Negative dealer gamma, spot below max pain, trending gamma regime.
Conflicts: Flow is mixed, VIX moderate not extreme, potential bounce from support 720.

📉QQQ -1.9% outperforms downside; negative GEX -$263.8M

🎯Max pain $738 overhead; spot ~$727 below, downside open

⚠️Trending gamma amplifies moves; support $720 key

Regime Classification

Vol Regime

Normal

IV normal; VIX 16.4, QQQ realized elevated on -1.9% drop.

Gamma Regime

Trending

GEX -$263.8M short gamma; trending regime amplifies direction.

Flow Regime

Mixed

Net flow mixed, but negative gamma makes hedging pro-cyclical.

Spot vs Max Pain

Below

Spot ~$727 below max pain $738; failure to hold reinforces bearish.

Thesis duration: Event-specific — Short-dated max pain pins and gamma flip at $660 suggest event-driven moves; dealer hedging dominates.

Price Range Forecast

Next 2 days

$720.19$739.52

Test $720 support; break opens $713.

Next 1 week

$713.13$746.58

Target $713; gamma flip at $660 unlikely.

Next 2 weeks

$703.60$756.12

Potential $703-660 if trend continues.

Key Levels

Max pain pins: $738 (2026-06-16); $727 (2026-06-17); $685 (2026-06-18)

EM guardrails: 2d $720.19/$739.52; 1w $713.13/$746.58

Support: $703.60 · $700.00 · $660.00

Resistance: $738.00 · $756.12

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,507 (9.6% below spot)

Structural: Key support $703.6, $700, $660 (gamma flip). Resistance $738 (max pain), $756.12 (em guardrail).

Dealer Positioning (GEX/DEX)

GEX: $-263.8M

DEX: +299.3M shares

Gamma flip: ~$660 (Approx — based on put OI concentration of 194,507 (9.6% below spot))

NTM gamma: Dealers net short gamma -$263.8M with large put concentration at $660; short gamma accelerates downside.

IV Analysis

IV vs VIX: QQQ IV near VIX; not rich, but realized likely to spike on trend.

Term structure: Term structure normal; near-term vols elevated by opex.

Skew: Put skew elevated; consider put spreads or calendars if bearish.

Flow Analysis

Net premium: Net premium -$1.53B, P/C vol 1.03, OI 1.62; bearish premium selling.

Directional prints: 6.1 call 735 OTM 2026-06-16 — Vol/OI 340.7, OI 1391; likely opening long calls (aggressive buying), preferred read as speculative reversal bet. 10.7 put 733 ITM 2026-06-16 — Vol/OI 192.4, OI 2218; opening put buying for downside protection, preferred read as bearish hedge.

Unusual: 6.1 call 735 OTM 2026-06-16 — Vol/OI 340.7, extreme ratio; massive OTM call buying, likely speculative upside bet. 11.5 put 734 ITM 2026-06-16 — Vol/OI 197.1, high ratio; aggressive put buying signaling bearish sentiment.

Risks & Catalysts

!Market reversal on VIX spike

!Gamma squeeze if spot bounces to MP

!Mixed flow could cap downside

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Strong	Buy 2026-07-02 $717.00/$696.00 put spread Why now: Near-term defined-risk put spread to capture downside with favorable gamma/exposure.	If spot bounces above max pain (730), spread may lose value; VIX spike reversal risk.
Long put	Moderate	Buy 2026-07-02 $717.00 put Why now: High IV and negative gamma make long puts attractive for directional bearish bet.	Time decay if move delayed; spot could reverse sharply on positive catalyst.
Call credit spread	Moderate	Sell 2026-07-02 $756.00/$768.00 call spread Why now: Dealer gamma negative above spot; call credit spread profits from flat/declining price.	If spot rallies above short strike, spread loses; max loss defined but larger than credit. Liquidity constraints: long_call: Volume below 5.

Top Plays

Bear Put Spread

Buy 2026-07-02 $717.00/$696.00 put spread

Near-term bearish play using put spread to limit cost and risk.

Why this play: Best defined-risk downside capture with favorable gamma.

Debit: $4.32-$5.29

Max loss: $5.29

BE: $711.71

Mgmt: Close at 50% profit or at weekly expiry; stop if above 738.

Traders seeking capped risk bearish exposure.

Long Put

Buy 2026-07-02 $717.00 put

Unlimited profit potential if QQQ drops sharply.

Why this play: High IV makes long puts attractive for a directional bearish bet.

Debit: $9.36-$11.45

Max loss: $11.45

BE: $705.55

Mgmt: Set stop at 738; take profits on sharp declines.

Aggressive traders expecting larger downside move.

Call Credit Spread

Sell 2026-07-02 $756.00/$768.00 call spread

Collects premium with upside risk capped.

Why this play: Profits from flat/declining but liquidity poor; lower rank.

Credit: $2.04-$2.50

Max loss: $9.50

BE: $758.50

Mgmt: Close early if IV spikes; avoid if illiquid. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Conservative income seekers; watch liquidity.

Watchlist Triggers

Entry Triggers

IFQQQ breaks below 703.6 → Buy 2026-07-02 $717.00/$696.00 put spread

IFQQQ breaks below 700 → Buy 2026-07-02 $717.00 put

IFQQQ closes below 738 → Sell 2026-07-02 $756.00/$768.00 call spread

Exit Triggers

EXITQQQ rallies above 738 → Close bear put spread and long put

EXITQQQ breaks above 756.12 → Exit call credit spread

Tactical Summary

Bearish bias; prioritize bear put spread for defined risk. Enter on break of 703.6/700. Exit on reclaim of 738. Manage gamma at 660.

How to Use These Reports

This directional reflects the market close on June 16, 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.