On February 24, 2026, the Invesco QQQ Trust (QQQ) provided a masterclass in intraday reversals. After an early morning scare that saw the index gap down to a session low of $599.73, buyers aggressively stepped in to reclaim the $600 psychological floor. This sparked a sustained rally characterized by "higher highs" and "higher lows," with the price staying consistently above its 20-period SMA for the majority of the afternoon. By the final hour, QQQ had climbed to $608.15, effectively erasing the morning losses and finishing with a 1.12% daily gain.
The $603.00 strike Call options (expiring Feb 24) were the primary beneficiaries of this price action. These contracts bottomed out at $1.38 during the morning dip before skyrocketing to an intraday high of $6.00—a massive +105.43% move. The MACD indicator on the call chart showed powerful bullish divergence during the late-morning breakout, confirming that momentum was firmly on the side of the bulls as the options moved deep into-the-money.
Conversely, it was a catastrophic session for Put options at the same $603.00 strike. As the underlying stock rallied, the value of these puts evaporated with extreme speed. After peaking at $4.63 during the initial market drop, they entered a relentless downward spiral, ultimately crashing 99.71% to settle at just $0.01. This "IV crush" and delta movement serves as a stark reminder of the risks involved in holding short-term puts during a sharp trend reversal.
