On June 17 and 18, 2025, trading activity around the Nasdaq 100 futures ($NQ_F) and the Invesco QQQ Trust ($QQQ) showed notable volatility and strategic positioning ahead of the end of the quarter. Traders executed short positions near the 50% retracement level of the Friday low on $QQQ, with some closing out shorts after initial dips and rotating back to a previously identified pivot point at 22085. Volume analysis indicated bulls were exiting, leaving the market vulnerable to further declines, with key support levels noted at 22000 and 19936, the latter representing a 38% retracement target. Options activity included 533 call contracts on $QQQ with zero days to expiration and end-of-quarter put hedges at $530, which were partially cashed in and rolled into $520/$500 spreads, effectively creating a free hedge for the remainder of June. Despite an extended selloff, volume was relatively low, suggesting that the decline was driven primarily by stop-loss triggers rather than strong selling pressure. Some traders also held longer-dated call options on $QS as a speculative measure.