QQQ Options Signal Key Support Battle: Put Dominance at $600 vs. Call Hope at $630 – How to Play the Ranging Drama

• QQQ surges 1.9% to $608.39, trading near 200D MA ($576.93) but below 30D MA ($620.69)
• Put/call open interest ratio hits 1.49, with 59K OI at $630 calls and 44K OI at $600 puts
• Block trades show massive put selling at $585 (QQQ20260417P585) and put buying at $610 (QQQ20260515P610)

The market is locked in a tug-of-war between cautious bears and hopeful bulls. QQQ’s 1.9% intraday rally masks a fragile setup: technicals show oversold RSI (35.2) but bearish MACD (-1.93), while options data reveals a 57% put dominance in open interest. Here’s how to navigate the crosscurrents.The Quiet War at $600 and $630: What Options Are Whispering

Options traders are stacking up like spectators at a tightrope walk. The $600 put strike (44K OI) and $630 call strike (59K OI) form a psychological battleground. This Friday’s $600 puts (44K OI) and $630 calls (59K OI) suggest a range-bound mindset—investors are hedging downside risk while keeping a toe in the water for a potential rebound. But don’t ignore the block trades: a 5,000-lot sale of QQQ20260417P585 puts ($585 strike) hints at institutional bearishness, while the QQQ20260515P610 put buy ($610 strike) shows some defensive positioning. The danger? If QQQ breaks below $600, the $595 put strike (37K OI next Friday) could accelerate the slide.

News That Could Tip the Scales

Recent headlines paint a mixed picture. Tom McClellan’s “bottom worthy” signal from late January aligns with QQQ’s current oversold RSI, but February’s mixed performance suggests caution. The Nasdaq 100’s earnings season volatility and sector rotation are keeping traders on edge. Here’s the catch: if QQQ holds above $603 (lower Bollinger Band), the “bottom worthy” narrative could gain traction. But if it cracks $600, the block trade activity at $585 and $575 puts (QQQ20260618P570) might turn a dip into a freefall.

Your Playbook: Puts at $600, Calls at $630, and a Bullish Floor

For options traders:

• QQQ20260213P600 (this Friday’s $600 puts): Buy if QQQ dips below $605. Target $590–$585, where block trades show heavy interest.
• QQQ20260213C630 (this Friday’s $630 calls): Buy if QQQ breaks above $615. A close above $620 (30D MA) could trigger a rebound toward $638 (upper Bollinger Band).

For stock traders:

• Entry near $603 (lower Bollinger Band) if support holds. Target $620 (30D MA) as a first exit, with $638 as a stretch if RSI breaks 50.
• Stop-loss below $598 (intraday low) to protect against the $595 put strike’s gravitational pull.

Volatility on the Horizon: The Range That Could Break

QQQ isn’t screaming for a breakout—it’s whispering. The 30D/200D MA gap ($620 vs. $576.93) and Bollinger Bands ($603–$638) define a tight trading range. But don’t underestimate the power of sentiment: if the $600 puts expire worthless, bulls could reclaim momentum. Conversely, a breakdown below $595 would validate the block traders’ bearish bets. Either way, this week’s options expirations (Feb 13) will be a litmus test for tech’s resilience. Stay nimble—this dance between $600 and $630 isn’t over yet.