SPY support zone 760 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 08:36 ET, SPY traded at 769.67, 1.3% above the support zone. On the same map, the next level above was 772. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 10.40 away (770.40); the session range was 770.40 to 778.57. In the last hour price moved up 2.70, from 775.87 to 778.57.

The regular-session close was 774.94, 14.94 (1.97%) above the support zone at 760. Under the rule (support zone: close above is a hit), that is a hit.

SPY finished the day up 0.7%. We found no single clear company-specific catalyst for the day in our notes.