Question, Lawrence Is this more directly related to SPX and that the NQ may tag along ,but does not have any influence on the SPX expiration. In other words, are they separated in this "fight'.
Yes much more direct on SPX and its options and future contracts. It is the liquidity in ES, SP, etc. allowing them to hide their identities. NDX tag along because they share many components that are heavy weight on both. To force a melt up or stop a melt down, however, the tool of choice right now is NQ because it is much cheaper to push it up. It is more cost effective.