I love it when people say "This fib, that pivot, this MA, this program trade, etc.... moved the market" I say most of the time it's a coincidence, but these traders need to have some "matter-of-fact" system based on the randomness they think is not random. Unless you show me the exact reason from the guy who did the trade(s), then we should admit we really have no clue why the market did this or that. I know for a fact that a corporate bond hedged in aussie dollars that was spreaded off into a tranche seen convered into yen hit the ES for 108 contracts at exactly 1:24 p.m. EST. nobody knows. just manage risk.