A few notes on what close reading is not:
Close reading is not speculation. There is a difference between guessing and supporting a claim with evidence from the text. In fact, you may not make a claim, point, or argument about a text unless you have some kind of evidence from the text to back it up.
Close reading is neither summary nor paraphrasing. A simple surface level description does not count; close reading is more akin to analysis or unpacking the various meanings of a text. Close reading is understanding, noticing, and exposition (explaining the meaning of a text).