Underway, only 12 points to go... To help with the visualization, here this futures chart showing the Sunday Massacre low too: (this chart is delayed a bit so the value is different, currently just dipped below 2340)
You were saying about the cash leading the futures? Just teasing, I never said they don't, but the overnight action can be still predictive of the cash movement.
Yes--it certainly does. The real moves can be seen on Cash chart. It's a good filter when looking trading ES
I edited my previous post adding: I never said cash doesn't lead the futures, but that futures can have predictive value for the cash. We just bounced from 2530 ES, as PREDICTED by me using futures. And yes, this is going to be the BOUNCE.
As an analogy, the Flash Crash action. IIRC, we visited the Flash Crash's lows a few days or weeks later. The same thing with the Sunday Massacre. And again, just because we might bounce hard from here I still think below 2500 is still in play, ( the touch of the weekly lower BB, where ever that is)
The market is just shaking off fleas. Sell anything with a PE above 25 combined with a PEG over 2.5. Time to get back to reality. "The P/E ratio of any company that's fairly priced will equal its growth rate, i.e., a fairly valued company will have its PEG equal to 1". -Peter Lynch, "One Up On Wall Street"