Some people have short memories. What happened last time ES gapped down on the basis of shares going down in China (hint: Wednesday)?
Exactly, Shanghai is now irrelevant outside of China for anyone who has been paying attention. The yen didn't even move and if you want to see what the perceived global risk is then look at what the yen is doing. When people perceive risk to be high they start to unwind the carry and that moves the yen. Didn't flinch on the shanghai sell off ergo no risk ergo we rally off any dip today.
Other markets? Most Asian markets weren't affected by the meltdown. There is nearly zero correlation between China and the rest of the world when it comes to equities.
Probably. The real point to be taken is that even the Chinese stock market is so unhitched to the realities in China that it seems like it can actually just be treated as a rolling lottery.
China is now sinking past the trend line and at the point of no return. The index will soon revert to the 1-2k range. US futures currently in the red.