On March 3, 2026, the Invesco QQQ Trust (QQQ) executed a powerful intraday reversal after an early morning dip that tested institutional support levels. The index hit a session low of $591.80 (marked as '2' on the chart) within the first hour of trading before buyers aggressively stepped in. Using the LuxAlgo toolkit, the price action shows a steady "stair-step" climb that reclaimed the ORH (Opening Range High) zone. The rally peaked at an intraday high of $603.50 ('3') before consolidating to close the session at $600.52.
The derivatives market for the $597.00 strike (0DTE) captured the full magnitude of this swing:
-
$597.00 Call Option: These contracts staged a massive recovery as the underlying index pushed into-the-money. From a morning low of $0.65, the calls skyrocketed to a daily high of $6.60—a gain of over 900% for traders who timed the bottom. The price stayed robust for most of the afternoon, eventually settling at $4.12 as the market closed.
-
$597.00 Put Option: In contrast, it was a catastrophic day for put holders. After an early morning spike to $5.80 ('3') during the initial stock dump, the premium entered a relentless downward spiral as the reversal intensified. By the final hour of trading, the puts had lost nearly all extrinsic and intrinsic value, closing at a terminal price of $0.01.
The technical setup for the day was defined by a strong "V-shaped" recovery, with the MACD on the underlying stock showing a decisive bullish crossover near the $592 support level. While the afternoon saw some profit-taking near the $603 resistance, the ability of the index to hold above the $600 psychological floor provided a strong bullish signal for the following session.
