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With a loaded calendar this week that includes the September Fed meeting, housing sector data and earnings, and more headlines out of the US-Iran war that should keep energy prices front and center, traders should be ready for high-volatility equity moves.

Old-school market analysis tells us that new 4-week highs and lows act as key pivot points for price action. This week's 4-week low for the Invesco QQQ Trust (QQQ), which proxies the benchmark Nasdaq-100 Index ($IUXX), comes in at 702.70.

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A QQQ close below this level brings into play a move down to the 690-688 area, and raises the prospect of a challenge of the July low close at 661.73.

September standard options expiration is upon us this week, too, which means it's particularly timely to layer in some options market analysis. 

QQQ is currently in negative gamma exposure, and there's a large accumulation of put open interest at the 690 strike – underscoring the significance of this level in the short term, as suggested by the technical analysis.

For a simple explainer on options gamma and how gamma exposure (GEX) moves asset prices, check out this quick video clip from our official YouTube channel.

– 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.com