Whats your opinion tomorrow morning on the /ES

Observe what action took place during the night session. Be ready for the expanded volatility and be flexible with your view of the market. I think we should see a test of 2104 sometime early in the session. This is my first level of major support. I also think Like @FreakofNature said there will be a few fake outs....In the last 3 months or so any major sell off was met with good buying , the main question was at what levels and how quick. One can never tell when market sentiment shifts and if this little sell off is a beginning of a different pattern or not.
 
Rollover mean zero. It has no bearing of the direction of the market. ES ES ES....Why is everyone so hooked on the ES anyways? Is it trading crack?
 
Overnight said:
...Why is everyone so hooked on the ES anyways? Is it trading crack?
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There's a past thread here many years ago where the history of Emini ES futures was discuss involving its popularity due to the charting services, broker advertisements to lure in new customers, low margins and the perfect timing of the PDT rules spurred the growth and popularity in the Emini futures.

All of this occurred when a lot of key market participants looked to the S&P 500 as the gauge of the markets instead of the Dow. The timing was almost perfect...during the infamous dot.com days. Thus, OptionGuru has it correct too.
 
OptionGuru said:
  • Overall market.
  • As in the USA market
  • The big three - Nasdaq, DOW, S&P500.
  • Everything else follows the big three.

:)
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Oh, I see. I trade commodity futures, and while I can trade equity indicies like the ES and YM and NQ, they do not lead others like gold, oil, natural gas, cattle, hogs or copper. So the ES, as an equity index, really does not affect what I trade. In fact, one can sometimes find an inverse relationship between an equity like ES and gold. ES goes up? Gold goes down. And vice-versa. But I would not recommend trading that way.
 
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