Odd ES (SPX E-Mini Futures) Action

I'm not quite sure what to make of this as of yet. I really only see this strange behavior on the 3C charts of ES/SPX E-mini futures, but in 3 timeframes. I suspect the signal may be stronger in ES than NQ and TF because of the obvious higher liquidity even though liquidity is very shallow at this time of night.

I'm not going to assume anything or make too big of a deal of it, but I do want to document it in case something else happens from here. At this very moment, just a few minutes after these charts were captured, we're seeing a little ramp of about 1 ES point in the Index futures on slightly more volume.

 On the 1 min Es/3C chart, the green arrow is the US cash open, the red arrow is the US cash close and the yellow arrow is midnight EDT. Note the very tight range in ES as well as 3C in a leading negative position.

Usually I wouldn't pay any attention to a 1 min chart in overnight futures trade, but it's on several other timeframes and just strikes me as a little odd.


This 5 min chart shows the weakness Friday which was part of our forecast for The Week Ahead post near the close which was looking for...

"As for early action next week, it looks like early weakness on Monday, although I think it will regain some strength in the later part of the day or some time afternoon-ish....

I think the IWM/Russell 2000 outperforms the other averages early in the week "

Both events occurred, even though we saw the opening Futures trade Sunday night (yellow arrow) gap down a bit and then recover right up until the cash open at 9:30 at which time we saw the cash market "Early weakness" that recovered not too long after and of course the dramatic relative outperformance of the Russell 2000 today over the other major averages.

Beyond the chart from Friday that led to The Week Ahead forecast for early intraday trade and relative performance among the major averages, the other interesting feature is the same leading negative divergence seen on the 1 min chart here on a 5 min chart of ES.

The 7 min ES chart also shows a negative divergence at Friday last week right in to the highs and the small gap down on the open of trade Sunday night at the yellow arrow. Again, that odd leading negative signal is in the same place on this 7 min chart.

I don't see anything after a quick look around that would explain it and as of right now, in this thin overnight market I don't want to make to big of a deal of it, but it did strike me as strange enough to be worth a post as this time of night.

We'll see what we have in the morning.