QQQ Options Signal Bullish Bias: Calls at $625–$635 Outweigh Puts as AI-Driven ETF Nears 200D Resistance

• Invesco QQQ Trust (QQQ) trades at $617.76, down 0.27% from its 52-week high of $637.01.
• Options data shows heavy call open interest at $625–$635 strikes, while puts dominate at $600–$615.
• Block trades hint at long-term bullish bets, including a $12.8M call block expiring June 2026.

Here’s the takeaway: QQQ’s options market is quietly bullish. Despite a slight intraday dip, the call/put open interest imbalance and block trades suggest traders are positioning for a breakout above key resistance levels. Let’s break down why this ETF—already a tech-sector titan—is primed for action in 2026.

Bullish Calls Climb While Puts Anchor Defenses

QQQ’s options chain tells a story of cautious optimism. For this Friday’s expiration (Jan 2, 2026), the top OTM calls are clustered between $620 and $635, with the $625 strike (OI: 14,405) and $630 strike (OI: 10,866) leading the pack. These strikes align with QQQ’s 30D support/resistance zone (623.42–624.25), suggesting traders are hedging for a potential rebound.

On the put side, massive open interest at $615 (OI: 66,083) and $600 (OI: 59,620) indicates a bearish floor. The put/call ratio of 1.63 (favoring puts) reinforces this, but here’s the twist: the call volume at higher strikes ($635) isn’t just noise. It reflects positioning for a breakout if QQQ closes above its 200D moving average (622.59).

Block trades add intrigue. A $12.8M bet on the QQQ20260630C570 call (June 2026 expiration) signals long-term conviction. Meanwhile, a $4.2M sell put block (QQQ20251219P545) hints at hedging activity ahead of the January expiration. These moves suggest institutional players are preparing for volatility—either way.

Tech News Fuels QQQ’s Momentum

Recent headlines paint a clear picture: QQQ is winning. The ETF’s fee cut to 0.18% and Western Digital’s Nasdaq-100 inclusion (a QQQ component) have boosted its appeal. Analysts highlight its AI-driven portfolio—Nvidia, Microsoft, and AMD dominate—positioning it to outperform broader indices like VOO and SPY.

But here’s the catch: QQQ’s 52-week range ($402.39–$637.01) shows it’s been consolidating. The recent dip to $616.45 (intraday low) tests its 200D support. If it holds, the ETF could retest its 200D resistance at $622.59, where the call open interest is concentrated. This isn’t just technical analysis—it’s a battle between bears anchoring at $600 and bulls eyeing $630+.

Actionable Trades for QQQ in 2026

For options traders:

• This Friday (Jan 2, 2026): Buy the QQQ20260102C625 call if QQQ closes above $623.42. The strike aligns with 30D resistance and has strong open interest. Target a $630 close by expiration.
• Next Friday (Jan 9, 2026): Consider a call spread with QQQ20260109C635 (OI: 4,898) and QQQ20260109C625. This caps risk while capitalizing on a potential breakout.

For stock traders:

• Entry: Buy QQQ near $616.45 (intraday low) if it holds above the 200D MA ($622.59).
• Targets: First, $625 (30D resistance); second, $630 (call-heavy zone).
• Stop-loss: Below $610 (lower Bollinger Band at $605.45).

Bearish traders could sell the QQQ20260102P615 put if QQQ dips below $616.45, but the recent fee cuts and AI momentum make this a riskier play.

Volatility on the Horizon

QQQ’s story isn’t just about numbers—it’s about positioning. The ETF’s structural changes, AI exposure, and block trades all point to a setup where volatility could surge in early 2026. Traders who recognize the balance between bearish puts and bullish calls will find opportunities. Whether you’re buying calls at $625 or dollar-cost averaging into QQQ’s fractional shares, the key is to act before the 200D resistance breaks.

The market isn’t always rational, but in QQQ’s case, the data tells a clear story: this ETF is built for growth. Now, it’s just a matter of timing.