QQQ Skew Turns Bullish as SPX Put Wall Climbs to 7,440 on Tech Earnings
Updated
Updated · moomoo.com · Jul 31
QQQ Skew Turns Bullish as SPX Put Wall Climbs to 7,440 on Tech Earnings
2 articles · Updated · moomoo.com · Jul 31
Summary
QQQ’s 25-delta put-call skew fell to about 5.5, below its 20-day and 250-day averages, signaling lighter demand for downside hedges and a modestly bullish options tilt.
Microsoft’s 43% Azure growth and Amazon’s 37% AWS growth helped revive confidence in the AI spending cycle, lifting QQQ 1.38% and SPY 0.61% premarket.
SPX options for July 31 showed call positioning building at 7,500 while the put wall rose to 7,440, a setup consistent with firmer market support.
Single-stock options echoed the shift: Amazon’s put-call ratio fell to 0.54 and Microsoft’s to 0.40, while high-volume same-day call strikes surged in price.
The rebound spread through AI infrastructure names including Micron, SK hynix and CoreWeave, even as weaker results from Meta and softer Apple guidance showed the trade remains selective.