Sunday night US market had a flash sell after Asia opened. ES worked to Fib 61.8 and 50 SMA. I thought it was going to be a big down day this morning. I was surprised when I woke up and look up market data in bed this AM. It appeared that market had a big reversal with European market open. ES had a 20 point reversal and formed a bullish engulfing candle. I haven't seen this kind of overnight reversal since European crises tow years ago.
I think the major world financial markets are all waiting for the Fed meeting this Wednesday. No one is willing to push the market to extreme just in case Fed pull another rabbit.
My 1750 position is saved for now. I will try to exit out tomorrow to be ready for Fed day. Although it may not make any money but I can free some margin for new position and reduce my risk.
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