The Nasdaq-100 ETF ($QQQ) has experienced a notable rally since its April lows, rising approximately 20%. Market activity includes the opening of 20,000 June $465 bull synthetic options at a $23.80 debit, with similar adjustments to May spreads. The ETF recently reached a new high, trading well above its volume-weighted average price (VWAP). Technical analysis indicates that $QQQ is pushing off the 8-day exponential moving average (EMA) and is positioned for a potential move above the 200-day simple moving average (SMA), with a possible target near the 175-day SMA. Market participants have observed a surge in options volume, including a notable 10,000 contract volume in a four-minute span around the 484 strike price, suggesting significant trading activity from institutional desks. Despite some expectations for a pullback to test the 8 EMA near the 475 gap, the overall market strength remains robust.