SPY support zone 761 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 08:34 ET, SPY traded at 764.7, 0.5% above the support zone. On the same map, the next level above was 775 and the next level below was 760. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 1.44 away (762.44); the session range was 762.44 to 778.57. In the last hour price moved up 11.81, from 766.76 to 778.57.

The regular-session close was 762.36, 1.36 (0.18%) above the support zone at 761. Under the rule (support zone: close above is a hit), that is a hit.

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