QQQ Options Signal Bullish Momentum: Key Strikes and Block Trades Point to $630+ Target

• QQQ trades at $628.59, up 0.31% with volume surging to 27.5M shares
• Put/call open interest ratio at 1.53 (favors puts), but top OTM calls cluster near $640–$650
• Block trades reveal $8.1M call purchase at $625 strike and $7.8M put sale at $660

The options market and technicals are painting a clear picture: QQQ is primed for a bullish breakout. With the Nasdaq 100 reshaping its lineup and QQQ’s price action perking up, today’s data gives us a roadmap for where to focus. Let’s break it down.

Bullish Imbalance in OTM Options and Whale Moves

The options chain shows a lopsided call/put setup. This Friday’s top OTM calls ($641, $650) have combined open interest of 97,678 contracts, while puts ($610, $600) total 142,974 contracts. That put dominance usually signals hedging, but here’s the twist: the $625 call (QQQ20260116C625) saw a $8.1M block trade today—someone’s betting QQQ won’t dip below that level.

Meanwhile, the $660 put (QQQ20260116P660) had a $7.8M block trade, hinting at institutional protection against a sharp drop. The message? Big players expect a sideways-to-up move in the short term but are hedging against a rare pullback.

Walmart’s Nasdaq 100 Entry Fuels QQQ’s Fire

Walmart’s January 20th inclusion in the Nasdaq 100 is more than a headline—it’s a tailwind for QQQ. As the ETF rebalances to include WMT, it’ll mechanically boost demand for QQQ holdings. This aligns with the 30-day support zone at $623.80–$624.35, which QQQ just tested. Retailers and institutional investors are likely syncing their QQQ buys with this structural upgrade, creating a self-fulfilling price rally.

Actionable Trades for QQQ Bulls and Bears

For bulls, the QQQ20260123C630 call ($630 strike, expiring next Friday) is a sweet spot. It’s just above today’s price and sits inside the Bollinger Band range (lower: $604.55, upper: $631.19). If QQQ closes above $630 by Friday, this option could see 20%+ gains.

Bearish hedges should eye the QQQ20260123P620 put ($620 strike). With a put/call ratio skewed to 1.53, a sudden dip below $622.26 (today’s low) could trigger panic selling. The block trade at $625 call also suggests $625 is a critical support level—if it breaks, re-evaluate your bullish bets.

For stock traders, consider buying QQQ near $623.80 (30-day support) with a stop-loss below $622.58 (200-day support). A successful breakout above $631.19 (upper Bollinger Band) would validate the long-term bullish trend.

Volatility on the Horizon

The next 10 days will test QQQ’s resolve. With Walmart’s index inclusion and QQQ’s technicals lining up, the ETF could see a $630+ price tag by mid-January. But keep an eye on the $610–$620 put-heavy zone—if QQQ stumbles there, it could trigger a broader selloff in tech-heavy assets. For now, the data says buy the rumor, sell the news… unless you’re positioned to ride the post-rebalance rally.