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Near Term Support Found In The S&P 500

I'm very satisfied the way I traded the afternoon today.  After looking for a re-test of the overnight lows at 1293, using SPY puts (documented in the blog here in real time) I took those profits right at the bottom.  

Next I waited for some confirmation that the bottom might be in and then piled into some options and a little futures to play the long side.  I closed my futures at 1306 and am keeping the SPY calls overnight.  

The bottom line of the cone-shaped channel has served as support (on a closing basis)…see chart.

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