NKE support zone 35 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 18:54 ET, NKE traded at 35.47, 1.3% above the support zone. On the same map, the next level above was 40 and the next level below was 34. 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 34.71 and a high of 36.22. In the last hour price moved down 1.36, from 36.07 to 34.71.

The regular-session close was 35.10, 0.10 (0.29%) above the support zone at 35. Under the rule (support zone: close above is a hit), that is a hit.

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