On March 4, 2026, the Invesco QQQ Trust (QQQ) delivered a textbook bullish trend day, characterized by a powerful "morning drive" and sustained afternoon strength. After an early session test of support near $603.50, the index entered a relentless upward trajectory, breaking through multiple resistance levels to reach an intraday high of $613.12. The 1-minute chart shows the price riding a bullish "LuxAlgo" trend ribbon, with the session concluding at $613.04, virtually at the high of the day.
The 0-DTE (zero days to expiration) derivatives market for the $604.00 strike saw extreme delta-driven gains for bulls:
-
$604.00 Call Option: These contracts provided massive leverage as the underlying index moved deep into-the-money. From an early session low of $2.50, the calls skyrocketed to a daily peak of $9.50 around 2:00 PM—a gain of +280%. Despite some volatility in the final hour, they closed strong at $7.30, capturing the vast majority of the day's trend.
-
$604.00 Put Option: Conversely, it was a "terminal decay" scenario for bearish positions. The puts peaked early at $3.30 during the morning support test but entered a relentless downward slide as the rally intensified. By the market close, these contracts were decimated, losing 99.7% of their value to finish at the minimum tick of $0.01.
-
$612.00 Put Option: Even the higher-strike puts suffered heavily; after starting at $8.50, they cratered to $1.01 as the index surged past the $613 level, rendering them out-of-the-money at expiration.
The technical setup was defined by a clean "Opening Range Breakout" (ORB), with the index clearing the morning highs and never looking back. The MACD indicators across the stock and call charts remained largely positive, signaling that institutional buying pressure was consistent throughout the day, leaving zero room for a bearish reversal.
