QQQ support zone 735 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 08:34 ET, QQQ traded at 736.86, 0.3% above the support zone. On the same map, the next level above was 745 and the next level below was 730. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 4.70 away (739.70); the session range was 739.70 to 751.27. In the last hour price moved up 7.74, from 743.53 to 751.27.

The regular-session close was 739.71, 4.71 (0.64%) above the support zone at 735. 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.