SPCX support zone 160 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 10:30 ET, SPCX traded at 165.15, 3.2% above the support zone. On the same map, the next level above was 180 and the next level below was 150. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 1.53 away (161.53); the session range was 161.53 to 171.14. In the last hour price moved down 5.92, from 168.49 to 162.57.

The regular-session close was 171.08, 11.08 (6.93%) above the support zone at 160. Under the rule (support zone: close above is a hit), that is a hit.

SpaceX shares climbed to their highest since June; coverage cited a reiterated Morgan Stanley Overweight rating, reported talks with TSMC about a Texas chip plant, and recent launch activity. SPCX finished the day up 7.6%, while SPY was up 0.7%.

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