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QQQ

Invesco QQQ TrustClose $740.62EOD only

Max Pain

$732.00

Next expiry Jun 22, 2026

Expected Move

±$8.89

1.2% from close

Price Gap

-8.62

Distance to max pain

IV Rank

100

High premium

P/C OI

1.59

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 18, 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 18, 2026 close

QQQ Directional Report

Analysis based on market close June 18, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with resistance risk; positive gamma and dealer positioning support, but spot above max pain and resistance at $764 cap near-term upside.

Confidence:

8 / 10

Base 5; +2 GEX/flow alignment; +1 pinning; -1 spot distance; +1 VIX.

Supports: Positive GEX, dealer long gamma, bullish momentum, above max pain.
Conflicts: Resistance at $764, spot distance from MP, mixed flow, gamma flip at $660.

📈QQQ up 2.5%, GEX +$410M supports bullish pinning.

⚠️Spot 7% above MP; resistance at $764 may cap.

Regime Classification

Vol Regime

Normal

Normal vol; VIX 16.4, IV likely aligned.

Gamma Regime

Pinning

Positive gamma pinning near $692/$732/$730; flip at $660 (10.9% below).

Flow Regime

Mixed

Mixed net premium; no strong directional skew.

Spot vs Max Pain

Above

Spot above max pain (7%). Above guardrails.

Thesis duration: Multi-week — Price ranges span 2 weeks; event-specific June 18 expiry but structural trend continues.

Price Range Forecast

Next 1 week

$728.37$752.86

Support $728.37, resistance $752.86; breakout above $752.86 targets $764.

Next 2 weeks

$716.89$764.34

Range $716.89-$764.34; max pain pins attract.

Key Levels

Max pain pins: $692 (2026-06-18); $732 (2026-06-22); $730 (2026-06-23)

EM guardrails: 1w $728.37/$752.86

Support: $716.89 · $700.00 · $692.00

Resistance: $764.34

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,687 (10.9% below spot)

Structural: Support: 716.89, 700, 692 (max pain). Resistance: 764.34. Gamma flip: 660.

Dealer Positioning (GEX/DEX)

GEX: $+410.6M

DEX: +317.2M shares

Gamma flip: ~$660 (Approx — based on put OI concentration of 194,687 (10.9% below spot))

NTM gamma: Dealers long gamma $+410.6M, long delta +317.2M shares. Gamma flip ~$660.

IV Analysis

IV vs VIX: IV slightly elevated vs VIX 16.4 post move, but moderate.

Term structure: Monthly expiry creates a kink; front-month elevated.

Skew: Put skew elevated; potential vol arbitrage if IV reverts.

Flow Analysis

Net premium: Positive net premium $844M with P/C vol 1.30 and OI 1.59; indicates bullish bias from large call buying/put selling.

Directional prints: 1.6 call 739 ITM 2026-06-18 — Vol/OI 148.5x, 354k vol vs 2.4k OI. Large open call buying at ITM strike, bullish. 16 call 738 ITM 2026-06-18 — Vol/OI 91x, 267k vol vs 2.9k OI. ITM call accumulation, likely bought, bullish.

Unusual: 2.7 put 739 OTM 2026-06-18 — Vol/OI 404.8x, 380k vol vs 940 OI. Massive OTM put opening, likely sold (negligible premium) or hedging. 3.3 put 738 OTM 2026-06-18 — Vol/OI 341.2x, 345k vol vs 1k OI. Heavy OTM put volume, unusual. 5.1 put 741 ITM 2026-06-18 — Vol/OI 193.7x, 83k vol vs 429 OI. Unusual ITM put volume, possibly hedging.

Risks & Catalysts

!Resistance at $764

!Spot 7% above max pain

!Mixed flow may shift momentum

!Gamma flip risk if spot drops to $660

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-07-17 $709.00/$670.00 put spread Why now: Positive net premium and call buying indicate bullish bias; selling puts below market captures premium with defined risk.	If QQQ breaks below short put strike, losses accumulate quickly; resistance at $764 caps upside.
Bull call spread	Moderate-Strong	Buy 2026-07-17 $731.00/$757.00 call spread Why now: Large ITM call buying suggests bullish conviction; bull call spread caps cost while capturing moderate upside.	Upside capped at short strike; if QQQ fails to rally, long call premium consumed.

Top Plays

Put Credit Spread

Sell 2026-07-17 $709.00/$670.00 put spread

Sells put spreads below market to collect premium, reflecting bullish sentiment with limited downside.

Why this play: Less directional risk with defined loss; captures premium from bullish bias while avoiding resistance cap.

Credit: $4.86-$5.95

Max loss: $33.05

BE: $703.05

Mgmt: Close at invalidation level or capture full credit near expiration.

Defensive bullish traders seeking income with defined risk.

Bull Call Spread

Buy 2026-07-17 $731.00/$757.00 call spread

Buys call spreads to profit from continued upside, leveraging call volume conviction.

Why this play: Upside potential from large ITM call buying, but resistance at $764 caps gains; rank lower due to risk of capped move.

Debit: $12.81-$15.66

Max loss: $15.66

BE: $746.66

Mgmt: Consider early exit if price nears resistance; otherwise hold through expiration.

Aggressive bullish traders willing to cap gains for lower cost.

Watchlist Triggers

Entry Triggers

IFQQQ holds above support at 716.89 with bullish momentum → Sell 2026-07-17 $709.00/$670.00 put spread for net credit between $4.86 and $5.95

IFQQQ confirms support at 716.89 and rallies → Buy 2026-07-17 $731.00/$757.00 call spread for net debit between $12.81 and $15.66

Exit Triggers

EXITQQQ declines to invalidation level 716.89 → Close put credit spread to limit losses

EXITQQQ approaches resistance at 764.34 → Close bull call spread to capture gains or reduce risk

Tactical Summary

Bullish bias but capped at $764 resistance. Favor put credit spreads for defined risk income. Bull call spreads for upside but monitor resistance. Invalidation at 716.89 triggers exit.

How to Use These Reports

This directional reflects the market close on June 18, 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.