On March 2, 2026, the Invesco QQQ Trust (QQQ) delivered an intense intraday reversal. After an early morning sell-off that pushed the index to a session low of $597.99, aggressive buying entered the market, sparked by a technical "double bottom" near the psychological $600 floor. The index spent the afternoon in a relentless "higher high" climb, eventually peaking at **$609.92** before a late-day consolidation saw it close at $605.95, practically erassing its early losses.
The derivatives market for the $599.00 strike (expiring March 2) saw some of the most extreme volatility of the week:
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$599.00 Call Option: These contracts staged a massive rally as the index crossed back into "In-the-Money" territory. From an early low of $2.72, the calls skyrocketed to an intraday high of $10.61—representing a +290% move for traders who caught the bottom of the reversal. The MACD on the call chart showed powerful bullish momentum throughout the mid-day session.
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$599.00 Put Option: On the opposite side, it was a total wipeout for bearish traders. After hitting an early morning high of $3.65 during the stock crash, the puts entered a terminal decline as the QQQ moved further away from the strike price. By the market close, the premium had evaporated to $0.01, a near-total 99.17% loss.
The session concluded with the MACD for the underlying stock turning positive, suggesting that the "buy the dip" sentiment was firmly in control heading into the next day. While the early volatility provided a scare, the $600 level once again proved to be a critical area of institutional support for the Nasdaq-100.
