ARM support zone 300 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 10:24 ET, ARM traded at 312.25, 4.1% above the support zone. On the same map, the next level above was 322.5. 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 266.28 and a high of 317.64. In the last hour price moved down 41.98, from 308.26 to 266.28.

The regular-session close was 307.46, 7.46 (2.49%) above the support zone at 300. 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 5.2%, while SPY was up 0.7%.