On February 25, 2026, the Invesco QQQ Trust (QQQ) maintained a consistent and strong bullish trajectory throughout the trading session. After an initial morning dip to a low of $610.37, the index entered a steady "stair-step" climb, supported by its 20-period SMA. The price action remained robust, characterized by higher highs and higher lows, eventually peaking at $617.03 before settling at $616.13, a daily gain of 1.36%.
The derivatives market for the $611.00 strike reflected this aggressive upward momentum:
-
$611.00 Call Option: These contracts experienced an explosive move as the underlying stock pushed deep into-the-money. From a morning low of $1.25, the calls skyrocketed to a daily high of $6.16—a massive +373.60% surge. The MACD on the call chart showed sustained bullish divergence, with the price closing strong at $5.92.
-
$611.00 Put Option: Conversely, it was a day of rapid value erosion for bearish traders. The puts opened at a high of $4.65 and entered a relentless downward slide as the rally intensified. By the market close, the puts had cratered to just $0.21, representing a catastrophic 95.43% loss in premium.
The technical setup for the day was defined by high-volume buying at the open and a steady accumulation phase midday. With the MACD for the underlying stock staying largely positive, the session provided a textbook example of trend-following success for call holders and a significant "IV crush" and delta loss for put holders.
