Power of 8pm + 3am

Some of you asked me to update this chart.

I actually stayed up most of the night watching futures to get a handle on how dealers position around +/- gamma.

I noticed before 8pm last night all rallies were being sold. Then almost like a switch being turned on a slow melt up started.

You can see how uncharacteristic last night futures were as the melt up continued to 3am.

Then at 3am futures became much more active and continued to climb right into RTH (regular trading hours).

Could this be the christmas rally everyone is always talking about.

OR

Was this simple a bear trap being sprung.