SHOP 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 08:41 ET, SHOP traded at 164.74, 3.0% above the support zone. On the same map, the next level above was 170 and the next level below was 155. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 3.45 away (163.45); the session range was 163.45 to 170.85. In the last hour price moved up 5.98, from 164.87 to 170.85.

The regular-session close was 164.50, 4.50 (2.81%) above the support zone at 160. Under the rule (support zone: close above is a hit), that is a hit.

SHOP finished the day up 2.7%, while SPY was up 0.5%. We found no single clear company-specific catalyst for the day in our notes.