QQQ Options Signal Key Support Battle: Put Dominance and Whale Moves Point to $610 Pivotal Level

• QQQ trades at $611.36, down 0.48% from its intraday high of $622.85
• Put/open interest ratio hits 1.54, with 43,624 puts at $600 strike (this Friday’s expiry)
• Block trades reveal $12.8M call bet on June 2026 and $4.2M put sale in December 2025

Here’s the thing: QQQ’s options market is screaming about a critical support test at $610. The stock’s 0.48% drop today—despite a long-term bullish 200D MA of $557.80—has created a tension between short-term bears and long-term bulls. Let’s break down what’s really happening.

The Put/Call Imbalance and Whale Moves Painting a Bearish Bias

Options traders are stacking the deck against QQQ. For this Friday’s expiry, the $600 put (OI: 43,624) and $610 put (OI: 12,351) are the most watched, while next Friday’s $610 put (OI: 36,693) dwarfs call volume. That’s not just bearish—it’s a warning siren. Meanwhile, the top call strikes ($625, $621) have relatively thin liquidity, suggesting limited conviction in the upside.

But don’t ignore the block trades. A $12.8M bet on the QQQ20260630C570 call (expiring June 2026) hints at long-term bullishness. Yet the $4.2M sale of the QQQ20251219P545 put (December 2025) shows some players are hedging downside risks. The message? Short-term caution, long-term optimism—but with a clear pivot point at $610.

No Major News, But Technicals Tell the Story

There’s no recent headline-driven drama for QQQ. That means the price action is purely technical. The RSI at 39.4 is in oversold territory, but the MACD histogram (-0.14) still shows bears in control. The stock is testing its lower Bollinger Band ($604.94) and 200D MA. If it breaks below $610, the 557.80 200D MA becomes a psychological hurdle. But a rebound above $623.41 (30D support) could reignite bullish momentum.

Actionable Trades: Puts for Protection, Calls for a Rebound

For options:

• Bearish Play: Buy the QQQ20260109P610 put (next Friday expiry) if QQQ closes below $610. The 36,693 OI suggests strong liquidity for this strike.
• Bullish Play: If QQQ bounces above $615, consider the QQQ20260102C625 call (this Friday expiry) with 17,141 OI. It’s a tight window, but the 623.41 support level is key.

For stock:

• Entry near $604.94 (lower Bollinger Band) if support holds, targeting a rebound to $623.41.
• Stop-loss below $600 to confirm breakdown and pivot to defensive plays.

Volatility on the Horizon: A Battle for $610

The next 48 hours will define QQQ’s near-term direction. A close above $615 would signal bulls reclaiming control, while a drop below $600 could trigger a cascade of put activity. The block trades hint at patience from institutional players, but retail sentiment is clearly bearish. This is a classic setup for a volatile pivot—trade with tight stops and position size accordingly. The market isn’t just watching $610; it’s betting on it.