META support zone 730 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 10:30 ET, META traded at 740.34, 1.4% above the support zone. On the same map, the next level above was 750 and the next level below was 700. 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 718.67 and a high of 746.44. In the last hour price moved down 24.02, from 742.68 to 718.67.

The regular-session close was 742.08, 12.08 (1.65%) above the support zone at 730. Under the rule (support zone: close above is a hit), that is a hit.

META finished the day up 1.9%, while SPY was up 0.7%. We found no single clear company-specific catalyst for the day in our notes.