The ES just swan dived from 907.5 to 895, back up to 909 and now back to 903. In comparison, the NQ traded barely a 7 pt range during this...Someone must be swinging some size around.
Why is that fishy? Even if the NQ or ES moved up or down on twice the volume or more along with wide range candlesticks...doesn't make it fishy. There could be either breaking news, stop triggers...there could be many other reasons...but nothing fishy nor a stinky situation. Thus, try not to over analyze it and trade what you see. And if your not trading what you see...ignore it. NihabaAshi
Zen, i've seen it too. i bet one of the big players is caught in a big short position and tries to hammer the SP during low-volume hours to get lower prices, so maybe he can get out when it opens. not for the first time this happens.
i heard it is normal for MER and GS to do that. i think he/she got it down by selling only a few, or maybe only one hundred big spooz this morning, the scalpers trying to run front would do the rest.