Home Options QQQReports

QQQ

Invesco QQQ TrustClose $706.52EOD only

Max Pain

$723.00

Next expiry Jun 29, 2026

Expected Move

±$10.71

1.5% from close

Price Gap

+16.48

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.48

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 26, 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 26, 2026 close

QQQ Directional Report

Analysis based on market close June 29, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish thesis driven by strong dealer gamma (+200.9M) and positive delta (DEX +251M shares), spot trading above max pain with gamma pinning. Expect consolidation near $710-$732 in near term with drift higher toward resistance $757.7. Upside risks tempered by mixed flow and put skew, but low vol regime supports gradual appreciation.

Confidence:

9 / 10

GEX/flow alignment (+2), gamma pinning (+1), spot 2% above MP (+0.5), VIX 18 (+1).

Supports: Positive GEX, positive DEX, spot above MP, normal vol.
Conflicts: Mixed flow, put skew, resistance at 757.7.

📈GEX +200.9M strongly bullish, pinning spot near max pain $710

⚠️Resistance at $757.7 and gamma flip risk at $660

📊Vol normal, put skew rich; use call spreads for upside

Regime Classification

Vol Regime

Normal

Normal vol; IV near 18, inline with VIX.

Gamma Regime

Pinning

Positive gamma with $200.9M GEX, pinning near $710.

Flow Regime

Mixed

Mixed net premium but positive delta from dealer hedging.

Spot vs Max Pain

Above

Spot above max pain $710, bullish gamma tilt.

Thesis duration: Multi-week — Strong dealer positioning and normal vol support sustained directional tilt over weeks.

Price Range Forecast

Next 2 days

$716.11$732.05

Gamma pinning near $710, EM guardrails $716-$732

Next 1 week

$705.96$742.20

Drift toward resistance $742

Next 2 weeks

$690.46$757.70

Resistance at $757.7 and gamma flip risk

Key Levels

Max pain pins: $710 (2026-06-29); $705 (2026-06-30); $712 (2026-07-01)

EM guardrails: 2d $716.11/$732.05; 1w $705.96/$742.20

Support: $710.00 · $700.00 · $680.00

Resistance: $757.70

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 195,441 (8.8% below spot)

Structural: MP $710/$705/$712; EM 2d $716/$732, 1w $706/$742; S $710/$700/$680; R $757.7; Gamma flip ~$660

Dealer Positioning (GEX/DEX)

GEX: $+200.9M

DEX: +251.0M shares

Gamma flip: ~$660 (Approx — based on put OI concentration of 195,441 (8.8% below spot))

NTM gamma: GEX +200.9M, DEX +251M shares, gamma flip approx $660

IV Analysis

IV vs VIX: QQQ IV slightly elevated vs VIX 17.65, justified by tech beta.

Term structure: Flat, no event kinks.

Skew: Put skew rich; call spreads attractive.

Flow Analysis

Net premium: Net premium positive $1.4B, put volume ratio 1.30, dominated by expiry pin activity.

Directional prints:

Unusual: 3.2 put 722 OTM 2026-06-29 — Vol/OI 555; massive expiry volume, likely bought to close or hedging, neutral. 3.4 put 723 OTM 2026-06-29 — Vol/OI 504; similar expiry pin activity, likely closing, neutral. 1.4 call 724 ITM 2026-06-29 — Vol/OI 183; high call volume near strike, could be bought or sold, neutral.

Risks & Catalysts

!Gamma flip at $660

!Resistance at $757.7

!Loss of $710 support

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-17 $747.00/$764.00 call spread Why now: Dealer gamma positive and flows support drift to $730-$732 resistance.	Capped upside if rally stalls below short strike.
Put credit spread	Moderate-Weak	Sell 2026-07-17 $677.00/$660.00 put spread Why now: Put skew elevated, dealer gamma pinning provides tailwind for bullish premium sale.	Loss if spot breaches $710 support.
Long call	Moderate	Buy 2026-07-17 $747.00 call Why now: Low vol and strong dealer delta flow favor call buying.	Time decay and spot reversal.

Top Plays

Bull Call Spread

Buy 2026-07-17 $747.00/$764.00 call spread

Buy 747/764 call spread; max gain $12.35, max loss $4.65.

Why this play: Best fit: low vol, gamma pinning, targets $730-$732 resistance with limited risk.

Debit: $3.81-$4.65

Max loss: $4.65

BE: $751.65

Mgmt: Exit at $732 or if $710 support breaks.

Traders seeking defined risk upside.

Put Credit Spread

Sell 2026-07-17 $677.00/$660.00 put spread

Sell 677/660 put spread; credit 1.48-1.81, max loss $15.19.

Why this play: Elevated put skew and gamma pinning favor premium selling.

Credit: $1.48-$1.81

Max loss: $15.19

BE: $675.19

Mgmt: Close at 50% profit or if $710 support fails.

Income-focused traders in bullish bias.

Long Call

Buy 2026-07-17 $747.00 call

Buy 747 call; premium 6.07-7.42, unlimited upside.

Why this play: High reward but higher risk; lower probability given resistance.

Debit: $6.07-$7.42

Max loss: $7.42

BE: $754.42

Mgmt: Set stop at $710, trail above $730.

Aggressive traders expecting breakout above $757.7.

Watchlist Triggers

Entry Triggers

IFQQQ holds above $710 and rallies toward $730-$732 → Buy 2026-07-17 747/764 call spread at $3.81-$4.65

IFQQQ stays above $710 with 25-delta put volatility >30% → Sell 2026-07-17 677/660 put spread for credit $1.48-$1.81

IFQQQ breaks above $757.7 resistance on volume >150% 20-day avg → Buy 2026-07-17 747 call at $6.07-$7.42

Adjustment Triggers

ADJQQQ reaches $732 resistance → Take 50% profit on bull call spread and tighten stop to $730 on long call

Exit Triggers

EXITQQQ breaks below $710 support → Exit all bullish positions

Tactical Summary

Bullish gamma pinning near $710-$732, resistance at $757.7. Favor defined-risk spreads. Invalidate below $710.

How to Use These Reports

This directional reflects the market close on June 29, 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.