Has anyone studied volume on ES? There doesn't appear to be any correlation to volume and price movement, if anything its negative.
I have studied it, but not extensively. Did not discover anything useful yet. I have a few theories and hypothesis that I will look into though. Steenbarger wrote a lot about volume for free in his blog and posted some of his research. You may get some ideas there. You could for example plot the volume for the first 30/60 minutes and see if that can offer any clues about the day ahead. One thing I've observed is that local maxima/minima in price may coincide with local maxima/minima in volume. But it does not happen all the time, so... There are many ways to look at and analyze volume. It's a very central concept in Market Profile, but I'm not supremely convinced that it may actually offer value of any significance for predicting (oh no, not that word) price action. What have you done so far?
ES is suffering from all the problems with current market structure. HFT an add cancel liquidity faster than anyone van react. Prices can now jump 5 points in a minute. It's causing everything to be disjointed and becoming to impossible to get an idea of what markets are telling