One of the reasons I get up and start working at 4 ish.
Both the ES and the SPI took a dump and recovered only to dump again, at the same time (around 5 am as you said) as SPI follows the ES during the night session, as you can see from the two charts below, the left one being SPI, and the right one being the ES, they pretty much look the same. However, as SPI has relatively very small volume during the night (and during the day for that matter), compared to other futures contracts, it is probably true to say that if a big player wishes to move the market in a particular direction and then reverse it, that would be easy to do, which is the reason why I pay attention to the gaps, and volume bars, as they reflect that manoeuvre. If there is a big volume bar and a gap up or down, there is a good probability that it will be reversed. As I have more than one account (one for longs and one for shorts etc.), and there are gaps in the bid/ask, I have actually traded with myself by filling the gaps in the bid/ask. In this particular case, that didn't happen, large volume, but no gaps, so probably just the machine following the other machine, would be my guess, as it is hard to prove that actually occured, as there is no broker information on the price feeds to tell you who did what to whom. If that helps.
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