ES now retraced all initial knee jerk gains

While I'm playing catch-up on what Draghi is saying vs. market consensus (size mostly and duration of programs), ES (SPX E-mini futures) have retraced all of the ECB policy gains. As I said, "Be prepared for volatility".

After a SUPER flat night in Index futures and the knee-jerk initial pop on the "fully priced in" ECB policy announcement, while it seems Draghi has given the market some of what it wants, ES has retraced all of the knee jerk gains and is bouncing around a bit.