CALM support zone 60 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 07:45 ET, CALM traded at 63.13, 5.2% above the support zone. On the same map, the next level above was 75 and the next level below was 55. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 4.35 away (64.35); the session range was 64.35 to 68.13. In the last hour price moved down 2.64, from 66.99 to 64.35.

The regular-session close was 68.13, 8.13 (13.55%) above the support zone at 60. Under the rule (support zone: close above is a hit), that is a hit.

CALM finished the day down 0.7%, while SPY was down 0.2%. We found no single clear company-specific catalyst for the day in our notes.