Well, I had my doubts if the resistance would measure up in the unevitable pissing-contest from the big'uns. It seems they got (deservedly) creamed. Most of the numbers for the rest of the week are expected as good/fair in line with the previous weeks, so I guess there's only room for the downtrend still. Sub-1900 levels, here we come ... Dow sub 10k level is easier it seems. Maybe we'll see a test of 1000 on S&P/ES too - that'd be something. "It's already factored in."
All things are relative and subject to personal perspective, but when you're talking about thin liquidity periods, all kinds of goofy (and totally meaningless) stuff can happen. A few hundred contracts at 3am can pretty easily twitch prices +10 on the NQ - then those few watching start speculating if someone knows something or if something's up and the few trading get into a temporary self-reinforcing ping pong game trying to guess if there's something going on. That it took so long to realize there was nothing material maybe says something about the late night mindset. Late night dynamics in the minis can be a lot like low volume OTC stocks.
Overnight stress-/risk-factors. Along with nicely played defense on ES/SP 1100 as well as a dry-up of buyers who seems to have gotten the market news too.
250 contracts on the offer @ 1370.50. Just after 9. Thinks he can hold this monster down. I'm gonna take him out Nitro - put some real fear in him! Geo. He he - got him down to 248. He's shaking now.