Actually heading back up quicker this time. Dip buyers in NQ are still buying. So keep doing whats been working.....Buy the dips.
There is definitely a motivated seller on the tape today which I haven't seen in quite a while. He's sweeping the bid over and over. His problem, however, are the deep pockets on the bid who are relentlessly defending. My money is on the buyer and if they can defend the cash open, this sucker is likely to pop up like a jack in the box.
If this closes below the open it will be third day in a row cash close<cash open with each day posting a rejected higher high ... I think a pull back is in the cards. No guess as to the extent, but the 2870's seem likely. Still, I'm a day trader most of the time, so I play it both ways (the market that is)
If ES is arb'd to the index, then isn't all this volume you are seeing just arb volume? I just don't understand how any one trader can move the ES that much with arb going on.
FWIW, 2900 ESM has yet to trade during RTH ... every touch was Globex during this uptrend. I'm going to buy 2900 just so I can say I did.
Traded for awhile in a small online room with Jeff Cooper, early 2000's. He was the only one trading the big, had to call his broker to call the floor to execute his trade. He used a ten minute chart.
Congratulations to you for posting the closest thing that I have ever seen in this thread to trading insight. Now think longer-range: if in fact you are correct, and I tend to agree with you, as most large traders have to scale into their positions considering that the sheer size of their orders can move the market unduly against them... where lies the largest pool of 'buy' liquidity with which to scale into a sell right now? Because that's exactly where we're heading and why.