See the post above this one regarding why everything is "baked in" the chart. I don't know what's happening but the chart shows me that something happened. Do I need to know or understand what that is? No. I just need to REACT to the price I see on the chart by either getting in or out of the trade. Edit: I cannot find any news that precipitated the sudden spike. However, this tells me that SOMEBODY knows what's brewing underneath...which tells me that tomorrow's report will be bullish.
Holy crap schizo... is this your actual chart with order entry? Are you really trading 20 ES contracts and up $7.5k on that one trade?
I would say the rise last night was the pump though. I don't think this current drop is to lower the prices ready for a buying frenzy at the open. But I could be wrong.
Opposite. Shorts were laying in wait "letting" longs move price higher. Till the news. It is often what is not done ... that matters. But look at what transpired during Globex. Price moved higher into first few hours of euro session. Then stalled. Not exactly what I would call "pumped up".