I asked a similar question in the ES journal forum and haven't recieved an intelligent guess...I noticed a very similar thing...watching the cash ES in the last minute (of trading for futures) ...actually probably the last 10 seconds on HUGE volume whoosh down almost 4 pts after trading in a fairly tight range for abt 5 min prior and 14 min after close. dark pools certainly make sense...my best guess is Sun opening of ES will be where it SHOULD have left off...1272-74..right now rather big spread in the bid to ask. oh and Stock777 while I appreciate your pity response...whouldn't massive "short" covering cause a spike UP??
so far sounds ok, all of us who follow the marlet has seen a big spike from time to time. or even a bad tick. this was no bad tick because it happend 4-6 times with stupid volume bars. my think or swimm flex grid does not allow to take a picture. if they updated TOS so i can take a pic let me know...
if you are arbing,buying/selling stock baskets and selling buying futures,if the totals are lopsided at the end of the day, they will come in and buy or sell to put the balance back to neutral....if two or more of these arbers are both needing to sell more futures to get neutral then the end of day spike would be larger,happens all the time
OK, i kind of understand what you are saying, now with that the spikes with the QQQQ what does this mean ?
The cash ES? Let's not get into that. Anyway it's quite pointless to try to explain what happened there. I noticed it too and the price went down on volume, so people were dumping and there weren't enough willing buyers so the price auctioned down at the last second. You can call it "manipulation" (and it probably was tbh to force a close at the DL) but to read into it or try to get predictive value from it wouldn't help a retail trader. Another explanation is that a bunch of algo's got caught in dumping at the market by an even smarter algo that scooped em up and we'll see upside on monday. Who knows? It's really pointless to read into these things. If you were short and you covered into that congrats you probably made money and can reopen your short a bit higher sunday evening.