Sure seems to be a whole lot of "Put" fuel here for a sustainable QQQ @ 35, no?
QQQ CALL OPTIONS Jan 04 Strike---Symbol----Open Int 34.00--QAVAH.X--67,961 35.00--QQQAI.X--264,283 36.00--QQQAJ.X--217,743 37.00--QQQAK.X--87,250
QQQ PUT OPTIONS Jan 04 Strike---Symbol----Open Int 29.00--QAVMC.X--65,524 30.00--QAVMD.X--185,677 31.00--QAVME.X--239,318 32.00--QAVMF.X--256,410 33.00--QAVMG.X--401,267 34.00--QAVMH.X--279,466 35.00--QQQMI.X--338,696 36.00--QQQMJ.X--80,350