QQQ is Still in a Negative Gamma Regime. Here’s How a ‘Put Wall’ and Fibonacci Support Could Come Into Play.

QQQ is Still in a Negative Gamma Regime. Here’s How a ‘Put Wall’ and Fibonacci Support Could Come Into Play. Barchart Insights Mon, August 24, 2026 at 8:08 PM GMT+2 2 min read QQQ A man looking at a warped stock market chart by AciiiDsgn via Shutterstock We're still in a negative gamma regime on the Invesco QQQ Shares (QQQ) exchange-traded fund (ETF), after a major bearish breakdown in last week's trading.

This popular ETF, which proxies the tech-dominated Nasdaq-100 Index ($IUXX), reached the 38. 2% Fibonacci level in a week. More News from Barchart Nvidia Stock Is Treading Water Ahead of Earnings This Week - What's the Best NVDA Play?

Option Volatility and Earnings Report For Aug 24-28 Huge, Unusual Put and Call Option Volume in Intel - Investors Bullish as INTC Drops Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! QQQ with RSI and Fibonacci levels.

That puts the 50% level into play at 697. 75, just below 700 – which happens to be the largest put open interest strike (a "put wall"), and would represent a gap fill from the way up on Aug. 3.

This could act as a level of support, both technical and psychological. QQQ gamma exposure by strike. Other notable points include the Relative Strength Index (RSI) crossing into bearish territory and QQQ opening today below its 50-day moving average, located at approximately 713.

24. With this technical and options context in mind, it's worth considering that we just highlighted another Hindenburg Omen signal during Friday's "Market on Close" livestream. Watch my conversation with "Twitter Tom" below: –  John Rowland, CMT, is Barchart's Senior Market Strategist and host of  Market on Close.

On the date of publication, Barchart Insights did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.