SPY support zone 770 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 08:39 ET, SPY traded at 778.58, 1.1% above the support zone. On the same map, the next level above was 780. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 8.12 away (778.12); the session range was 778.12 to 781.42. In the last hour price moved down 1.63, from 780.20 to 778.57.

The regular-session close was 779.14, 9.14 (1.19%) above the support zone at 770. Under the rule (support zone: close above is a hit), that is a hit.

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