Intraday View (15-Min Chart)
QQQ has been grinding higher but is now consolidating just above the key $600 handle. The wedge channel shows buyers defending dips, though MACD and Stoch RSI are cooling off.
* Support Levels: $598.75, $596.10, $592.78
* Resistance Levels: $600.70, $602.06, $604.01
* Indicators: MACD histogram rolling red, signaling momentum slowing. Stoch RSI back near oversold, suggesting dip-buyers may step in at lower supports.
๐ Intraday Thought (Oct. 1): As long as $598โ$600 holds, QQQ can push for $602+. A breakdown under $598.7 risks testing $596 and below. Intraday scalpers can play the $600 line for both quick bounce longs or rejection shorts.
Options & Swing View (1H + GEX)
Options flow paints a gamma box around $598โ$602.
* Upside: Gamma wall at 602, with extensions toward $604. A break above 602 could open momentum toward 605+.
* Downside: Heavy put support at $595, with deeper levels down near 590.
This positioning suggests QQQ may chop between 598โ602 near-term unless a catalyst pushes it out of range.
* Bullish Play (Oct. 1): Calls or spreads targeting $602โ$605 if $602 breaks with volume.
* Bearish Play: Puts toward $595โ$592 if $598 cracks.
* Neutral Play: Sell iron condors between $598โ$602 while pinned.
My Thoughts (Oct. 1)
QQQ is showing a classic gamma pin scenario at $600. Market makers may try to keep price trapped here, but a strong break outside $598โ$602 will dictate direction. If tech earnings or macro headlines hit, expect that gamma dam to burst and volatility to expand.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk before trading.
QQQ has been grinding higher but is now consolidating just above the key $600 handle. The wedge channel shows buyers defending dips, though MACD and Stoch RSI are cooling off.
* Support Levels: $598.75, $596.10, $592.78
* Resistance Levels: $600.70, $602.06, $604.01
* Indicators: MACD histogram rolling red, signaling momentum slowing. Stoch RSI back near oversold, suggesting dip-buyers may step in at lower supports.
๐ Intraday Thought (Oct. 1): As long as $598โ$600 holds, QQQ can push for $602+. A breakdown under $598.7 risks testing $596 and below. Intraday scalpers can play the $600 line for both quick bounce longs or rejection shorts.
Options & Swing View (1H + GEX)
Options flow paints a gamma box around $598โ$602.
* Upside: Gamma wall at 602, with extensions toward $604. A break above 602 could open momentum toward 605+.
* Downside: Heavy put support at $595, with deeper levels down near 590.
This positioning suggests QQQ may chop between 598โ602 near-term unless a catalyst pushes it out of range.
* Bullish Play (Oct. 1): Calls or spreads targeting $602โ$605 if $602 breaks with volume.
* Bearish Play: Puts toward $595โ$592 if $598 cracks.
* Neutral Play: Sell iron condors between $598โ$602 while pinned.
My Thoughts (Oct. 1)
QQQ is showing a classic gamma pin scenario at $600. Market makers may try to keep price trapped here, but a strong break outside $598โ$602 will dictate direction. If tech earnings or macro headlines hit, expect that gamma dam to burst and volatility to expand.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.