QQQ support zone 736 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 08:41 ET, QQQ traded at 739.98, 0.5% above the support zone. On the same map, the next level above was 740 and the next level below was 735. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 12:40 PM ET), with a low of 735.67 and a high of 751.27. In the last hour price moved up 12.46, from 738.81 to 751.27.

The regular-session close was 737.96, 1.96 (0.27%) above the support zone at 736. Under the rule (support zone: close above is a hit), that is a hit.

QQQ finished the day up 0.2%, while SPY was down 0.2%. We found no single clear company-specific catalyst for the day in our notes.