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A significant bullish options bet totaling $8.8 million has been made on QQQ, according to Yuriy Matso. The trade speculates that QQQ will reach a new all-time high before the option expires in two weeks.
The size and timing of the position signal confidence in a short-term rally for the technology-heavy ETF.
Earlier this month, Yuriy Matso highlighted that the S&P 500 had dropped 7% from its recent high, with 6300 cited as a key correction level in recent commentary. He also observed uncertain price action in the Nasdaq futures market, pointing to two important levels on the 1-hour chart in a separate analysis. The latest QQQ options activity follows these prior observations on major equity indices.