EUR/JPY vs. ES

Earlier there was a momentary spike in ES about 10 minutes to 10 a.m. EDT. This was based on a headline that the ECB would not cut rates tomorrow which spiked the EUR/JPY and ES with it, however ES couldn't hold on.

EUR/JPY in red and green candlesticks and ES (purple) you can see the spike in the carry pair, but again weakness is apparent in SPX futures as they make their way to an overnight low post the JPY smack-down/EUR/JPY ramp.

The point is simply that even on all of these ramps, the initial reaction has not been to take it and run but more to take it and sell in to it.