QQQ support zone 740 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 08:33 ET, QQQ traded at 743.9, 0.5% above the support zone. On the same map, the next level above was 750. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 10 AM ET), with a low of 736.87 and a high of 751.27. In the last hour price moved up 8.30, from 742.97 to 751.27.

The regular-session close was 742.04, 2.04 (0.28%) above the support zone at 740. Under the rule (support zone: close above is a hit), that is a hit.

QQQ finished the day up 0.3%, while SPY was up 0.2%. We found no single clear company-specific catalyst for the day in our notes.