On September 22, 2026, S&P 500 futures traded at all-time highs, yet investor sentiment remained cautious due to extremely low market breadth, as evidenced by 75 stocks making new 52-week lows compared to just 14 reaching new highs on the New York Stock Exchange [1]. Despite this, options traders are expressing strong bullish sentiment, particularly in major indexes and leading tech stocks, as indicated by a surge in call option volumes. The call-to-put volume ratio for the State Street SPDR S&P 500 ETF Trust (SPY) reached its highest level since early August, while the Invesco QQQ Trust (QQQ) saw its highest ratio in at least a year [1].
Options pricing on the ThinkOrSwim platform suggests there is more than a 67% chance that the Nasdaq 100 will hit a new high by the end of the week [1]. Technical analysis further reveals that options markets are pricing in new record highs for stocks such as Meta Platforms, Intel, and Micron before year-end. For Meta, options volume this week is more than four times the 30-day average, with implied volatility higher for calls than puts, and a 52% chance the stock will reach its previous closing high of $790 by October 2 [1].
Intel, which has risen 35% in the past month, is now leading the semiconductor rally, with implied volatility at 69 and options markets assigning roughly a 50% chance it will surpass its closing high of about $140 by October 30 [1]. Memory stocks also contributed to Tuesday's rally, with the Roundhill Memory ETF (DRAM) advancing 2%, Sandisk shares rising over 6%, and Micron gaining more than 3%. Options pricing indicates a new high for Micron by October 23 and for Sandisk by December 18, while the DRAM ETF has a 34% chance of reaching a new high by December 18, as implied volatility in the ETF has dropped since summer [1].
Overall, despite concerns about market breadth, options traders and market-makers are positioning for further gains in key tech and semiconductor stocks, reflecting optimism for new highs in the near term [1].
CONCLUSION
Options traders are signaling strong bullish sentiment for major tech and semiconductor stocks, with significant probabilities assigned to new highs in the coming weeks. Despite low market breadth, the surge in call option activity and implied volatility suggests expectations of continued upward momentum in select market leaders.