If the two were being arb'd ES would have gone down. Like others were saying short covering into the weekend close - while prior resistance zone (25020 to 25050) also was breached.
It is worth to note that all indices comove. If you are trying sth like pairs trading, the expect return will be very low compared to the risk you may have to bear
Thanks for the post. The Breaking Bad character has explained an important fact that Star Trek character Scotty figured out. I shouldn't make this joke, but the video clip is so good I can't resist. Scotty's disgusting multiple stomach beam downs explain why no one has found evidence for the multiverse interpretation of quantum mechanic's wave function collapse (Hossenfelder in her "Lost in Math" book does a good job of explaining the multiverse interpretation). The reason no one has found experimental evidence for the multiverse interpretation is that as the Breaking Bad character points out every time a Star Trek character beams down even for something such as an eating contest multiverses are created and filled up. So multiverses are filled with disgusting and bloody Scotty's stomachs that cause observers to go crazy and never file reports. The Scotty Stomach beam down observation may also explain why Renaissance Hedge fund has been so successful. George Zweig who proposed the Aces high energy physics theory joined Renaissance in 2003. Probably Zweig has figured out some way to deal with alternative universes filled with Scotty's stomachs. Maybe with some kind of Ghost Busters armor. He is able to visit multiverses with a larger value for the speed of light (c) and figure out what will happen "later" in our universe. More seriously predictions of the standard HEP model are not being experimentally versified so Zweig's Aces theory deserves another look.