how did that do yesterday..er2 remained weak compared to ES yesterday even with the reversal rally...
The chart compares the relative strength of the price actions. What you saw were the actual price actions, but if you look at the combined chart, it still consist with that logic. ER2 always overracts, if the market is bearish, ER2 is even more bearish, if the market is bullish, ER2 is even more bullish. Here is yesterday's 1 minute chart. You can see, ER2 was way below ES in the morning when the market was bearish. As the market getting bullish, ER2 has been traded above ES all afternoon. The morning session: http://www.tinypic.com/view/?pic=flax7a The afternoon session: http://www.tinypic.com/view/?pic=flbhtu
Holiday, ES is trading like after hour or overnight open interests and float makes a difference. ER2 has much smaller open interests and much smaller trading float. ER2 has been moving up and down, ES remain within 0.50 to 1 point for the past hour.