On March 10, 2026, the Invesco QQQ Trust (QQQ) experienced a significant intraday reversal that shifted market sentiment from bullish to bearish in the final hours of trading. Based on the derivatives charts, the index maintained a bullish posture for the first half of the day, consistently trading above its Opening Range High (ORH) and reaching its peak around 1:30 PM. However, a sharp rejection at higher levels triggered a "stair-step" decline that accelerated after 2:15 PM, sending the index back below its opening levels.
The 0-DTE (zero days to expiration) derivatives market for the $608.00 and $613.00 strikes captured this high-volatility pivot:
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$608.00 Call Option: These contracts peaked at approximately $5.40 during the mid-day rally as the index hit technical "Target 3". As the afternoon sell-off intensified, the call premium evaporated, with the price plummeting below the 20-period EMA and the ORL (Opening Range Low). By the closing bell, these calls had lost the majority of their value, settling at $0.97.
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$613.00 Put Option: This contract was the primary beneficiary of the late-day collapse. After bottoming out at a low of $1.10 during the morning strength, the puts exploded over 460% to hit a daily high of $6.20 as the index flushed toward the close. They eventually settled at $4.71, marking a dominant win for bearish traders.
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$608.00 Put Option: Even the lower-strike puts saw significant action, spiking from a low of $0.15 to a peak of $1.70 during the afternoon crash. However, because the index managed a small late-day bounce, these out-of-the-money puts lost most of their gains, closing at $0.14.
The technical environment was defined by a clean "failed breakout" above the ORH. The LuxAlgo indicators on the call chart showed a clear transition from a bullish "Target" phase to a confirmed bearish trend, with the index finishing the day under heavy selling pressure. This session serves as a reminder of how quickly 0-DTE premiums can shift, rewarding those who positioned for a reversal after the mid-day peak.
