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

• Invesco QQQ Trust (QQQ) shareholders approved a fee cut, boosting long-term appeal.
• Put/Call ratio for open interest is 1.53, but heavy call OI at $641–$700 hints at bullish positioning.
• Block trades show 7,500 shares of QQQ20260116C625 sold this Friday, signaling strategic bearish hedging.

Here’s the takeaway: QQQ is perched on a short-term bullish trend with options data and technicals aligning for a potential breakout above $630. The risk? A pullback to $610 could test near-term resolve.

Options OI and Block Trades: A Bullish Battle at $625–$650

The options market is a chessboard of expectations. For this Friday’s expiry (2026-01-16), the top OTM calls are clustered between $641 and $700, with QQQ20260116C641 leading at 55,771 open interest. That’s not just noise—it’s a bet that QQQ will punch through its 30-day support/resistance range ($623.80–$624.35) and test the upper Bollinger Band at $631.19.

But don’t ignore the puts. The QQQ20260116P610 put has 75,072 OI, suggesting some players are hedging against a drop below the 200-day moving average ($622.59). The block trade data adds intrigue: 7,500 shares of QQQ20260116C625 were sold this week. That’s a whale-sized move—either locking in profits or betting QQQ won’t clear $625 before expiry.

News Reinforces Bull Case: Fee Cuts and Index Changes Fuel Optimism

The recent fee reduction for QQQ is a win for long-term investors, but the real catalyst is Walmart’s January 20 inclusion in the Nasdaq-100. This reshuffle could juice QQQ’s performance by adding a blue-chip consumer name to its tech-heavy lineup. Combine that with a billionaire investor’s public endorsement of QQQ over SPY, and you’ve got a narrative pushing sentiment higher.

Technical analysis from recent headlines also lines up: QQQ’s RSI at 69 and MACD above its signal line confirm bullish momentum. But here’s the catch—RSI isn’t screaming overbought yet, so a pullback isn’t out of the question. The key is whether QQQ can hold above its 30-day moving average ($619.30) without a breakdown.

Actionable Plays: Calls at $630 and Puts at $620 for QQQ

For options traders, the QQQ20260123C630 call (next Friday expiry) is a high-conviction play. If QQQ breaks above $627.71 (today’s high), this strike could see rapid extrinsic value growth. For downside protection, the QQQ20260123P620 put offers a hedge if the ETF dips toward its lower Bollinger Band ($604.55).

Stock traders should consider entry near $623.80 (30-day support) with a target at $631.19 (upper band). A stop-loss below $617.87 (middle Bollinger Band) would protect against a breakdown. For swing traders, the 100-day moving average at $604.83 is a distant but meaningful level to watch.

Volatility on the Horizon: Positioning for QQQ’s Next Move

The next 10 days will test QQQ’s resolve. A close above $631.19 could trigger a wave of call options to roll into longer-dated contracts, while a dip below $610 might see puts surge. Either way, the combination of structural changes, index reshuffles, and options positioning suggests QQQ is in a pivotal phase. Stay nimble—this ETF isn’t just tracking the Nasdaq-100 anymore; it’s becoming a battleground for bulls and bears.