Alphabet C (GOOG) Options Signal Bullish Momentum: Call Dominance and Whale Moves at $340 Strike

• GOOG trades at $330.83, up 1.48% with volume surging to 11.7M shares
• Call open interest outpaces puts 1.34x, with heavy concentration at $337.5 and $340 strikes
• Block trade of 1,000 GOOG20260116C340 calls ($340 strike) hints at institutional bullishness

Here’s the takeaway: GOOG’s options market is painting a clear picture of aggressive bullish positioning. With call dominance, a surging RSI near overbought levels, and whale activity at key strike prices, the stock is primed for a breakout—or a sharp correction if momentum falters. Let’s break it down.

Bullish Sentiment Locked in at $340

Options market participants are heavily stacking the deck for an upside move. This Friday’s options chain shows 7,758 open interest at the $337.5 call and 3,524 at $340—strikes that align with GOOG’s 30-day moving average ($315.24) and upper Bollinger Band ($325.97). The next Friday’s $340 call sees even more action (16,317 OI), suggesting traders are hedging for a multi-week rally.

But it’s the block trade of 1,000 GOOG20260116C340 calls that grabs attention. At $152,000 in turnover, this move implies a whale is betting big on a push above $340. That’s not just noise—it’s a signal that institutional players see a catalyst (or a floor) near that level. However, if GOOG fails to break $337.5 today, the $320 put-heavy zone (4,729 OI) could trigger a pullback.

No News, But Options Tell a Story

There’s no recent news to anchor this move, which means the options activity is driving the narrative. Without earnings or product announcements, this bullish setup likely reflects broader market optimism about AI-driven growth or macroeconomic tailwinds. Retail traders might be piggybacking on the momentum, but the lack of concrete news means the trade is more speculative. That’s both a risk and an opportunity—volatility could spike if the stock hits a key level without fundamentals to back it.

Actionable Trades for Today

For options players, the GOOG20260116C337.5 (this Friday’s $337.5 call) is a high-conviction play. With 7,758 OI and the stock already at $330.83, a close above $337.5 could trigger a cascade of stop-loss orders. For a longer-term bet, the GOOG20260116C340 (next Friday’s $340 call) offers leverage if the block trade’s thesis plays out.

Stock traders should consider entry near $314.27 (30-day support) with a target at $337.5. If GOOG holds above $326.25 (today’s intraday low), the 30-day MA at $315.24 could act as a secondary floor. A break above $331.48 (intraday high) would validate the bullish case, while a drop below $314.27 would signal caution.

Volatility on the Horizon

This is a high-stakes setup. The options market is pricing in a 1.34x call/put ratio, which isn’t sustainable long-term. If GOOG gaps up tomorrow, the $340 strike could become a self-fulfilling prophecy. But if it stalls, the $320–$315 put-heavy zone might force a retest of the 200-day MA at $164.52—though that’s a stretch. Either way, the next 72 hours will tell us whether this is a breakout or a bubble.

Bottom line: GOOG’s options activity screams bullish, but the lack of news means the trade is all about momentum. Play it smart—use tight stops and consider scaling into positions as the stock approaches key levels. The market’s eye is on $340, and so should yours.