ARM support zone 290 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 10:39 ET, ARM traded at 299.92, 3.4% above the support zone. On the same map, the next level above was 300 and the next level below was 270. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 9:30 AM ET), with a low of 266.28 and a high of 300.43. In the last hour price moved down 31.00, from 297.28 to 266.28.

The regular-session close was 293.67, 3.67 (1.27%) above the support zone at 290. Under the rule (support zone: close above is a hit), that is a hit.

This level came from the price chart rather than from news. There was no company-specific news that day. ARM finished the day up 3.6%, while SPY was down 0.2%.