Just a pro tip. If you guys use volume, you could have seen the 9:40-941 est 1 min bar come in with climactic volume (huge vol spike)signaling a possible temporary top. Then volume picked up to the downside.
Sorry, but this makes no sense. You call it a climactic spike only because you knew it dropped. Had it not dropped, you would call it an increase of volume as ES broke higher to 4068. Volume guys always say you want more volume to accompany a breakout, which it did. You can only call an increase in volume as climactic only after the drop.
Climactic in relation to what? I DO use volume, and I don't see it (the "spike" you refer to) that way. The first few minutes of a trading session almost always has high volume. Then it tapers off through lunch, and then increases into the final minutes of the trading session. This happens almost every day. So far, today is no different. That is not to say a "spike" or spikes in general do not or did not produce a signal or trigger. Noah is partially correct.
Volume or no volume, I would hardly call this day "climactic". We hardly moved after the GDP number and the opening was just a dud. A mere 10 point move on the 5 minute candle is nothing to write home about.