MU support zone 1050 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 18:49 ET, MU traded at 1070.2, 1.9% above the support zone. On the same map, the next level above was 1100 and the next level below was 1000. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 4 PM ET), with a low of 1029.00 and a high of 1077.26. In the last hour price moved down 42.23, from 1071.23 to 1029.00.

The regular-session close was 1068.95, 18.95 (1.80%) above the support zone at 1050. Under the rule (support zone: close above is a hit), that is a hit.

MU finished the day up 0.0%, while SPY was down 0.2%. We found no single clear company-specific catalyst for the day in our notes.