In case you missed it, here is a very interesting sequence from Eric Scott Hunsader on yesterday’s action as it developed:

Markets a bit different this morning.
S&P500 futures price changes from midnight for each day in 2017. $ES_F Today=Black pic.twitter.com/2JgTYpPbCD

— Eric Scott Hunsader (@nanexllc) October 19, 2017

4am slide was enough that some algos pulled back as seen in this liquidity chart (contracts available for immediate buy/sell) $ES_F pic.twitter.com/tNInKAdFVY

— Eric Scott Hunsader (@nanexllc) October 19, 2017

eMini (S&P500) futures liquidity recovering.. (today=black line) $ES_F $SPY pic.twitter.com/DzrUaC760i

— Eric Scott Hunsader (@nanexllc) October 19, 2017

That 4am slide dwarfs price action at the NY open (9:30 – black arrow). $ES_F $SPY S&P500 futures price changes since 12am pic.twitter.com/otVg7LgGQN

— Eric Scott Hunsader (@nanexllc) October 19, 2017

If you are looking for a great read, we would encourage you to go through the latest research piece from Artemis: Volatility and the Alchemy of Risk.

Wishing everyone a great weekend ahead and don’t forget that there is still plenty of o/n risk as we close up this week.