$QQQ - a peak beneath the surface.

Macro Perspectives: Mon 24 May 2021

We closed Friday with a relatively subdued market and ended the week on an even keel.

Beneath the surface, fortunes were made and lost in the options market and key metrics showed significant shifts.

$QQQ - roughly 33% of its Gamma exposure was soaked up on Friday, with Put options continuing to dominate the space and the stock. A continued drift lower, in price, will likely gain in volatility and we can expect more erratic price action towards 320 with the 300 price point significantly increasing volatility.

From a technical perspective, 340 forms the line in the sand, and a push above will significantly dampen average daily ranges.

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