GOOGL support zone 340 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 10:23 ET, GOOGL traded at 350.06, 3.0% above the support zone. On the same map, the next level above was 360 and the next level below was 335. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 2.02 away (342.02); the session range was 342.02 to 352.32. In the last hour price moved up 2.11, from 349.55 to 351.66.

The regular-session close was 344.15, 4.15 (1.22%) above the support zone at 340. Under the rule (support zone: close above is a hit), that is a hit.

GOOGL finished the day up 0.9%, while SPY was down 0.2%. We found no single clear company-specific catalyst for the day in our notes.