fib extension on spx and es S1 providing a ceiling. Not sure where (if) the push will come from, but it's not gonna be as easy as chili and pale ales with a side of cabbage.
If it's not too much trouble could someone with a real-time SPX chart post a 1-minute chart showing some of today's activity? I'd like to do a comparison.
Its hard to say what leads what, lots of debate. Both the spy and current month es are very liquid. Spy has a very tight spread .01 and very liquid options. But yes due its inherent liquidity its a good proxy for sp products. You may want to poke around et there are some threads on this. I should add that the institutions trade spx also known as the big due to its large tick size. If Lawrence Chan is around maybe he can give his opinion.