In keeping with the e-mini futures chart I've been watching lately, here is the latest. Notice that price is well back inside the channel after a failed backtest. More importantly, it has gotten above the 1666.50 area which negates the impulse pattern down (if I'm counting correctly).
I love this game. Nothing feels better than legging out of your biggest put position in ages (and it wasn't even that profitable) leaving one of your hedges completely naked and at a loss, and then pulling off the hedge for a juicy profit in the pre-market. (Well, I'm almost out of it. Still waiting for my price with a hard stop at 1665.25 on the e-mini.)
Whether it was the official Yellen announcement after hours or the rumors of a deal or whether the market was already showing signs for 2 days that it was about to bounce, the market is up huge overnight.
This does not mean the bottom is in. In my opinion it would take above 1696.55 to prove that. But for now there is relief.
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