Watch the $1.3 Trillion that Follow the Author - Now
Every single ES point corresponds to roughly $11.5 billion in notional market value.
So when a thermal low like this ignites a 20–30 point upward sequence, you’re not watching a chart move —you’re watching $230–$345 billion in capital shift alignment.
That’s the direct effect.
But ES is the clock — and every clock governs smaller ones.
When the U.S. benchmark turns, so does the world.
NQ, Dow, EuroStoxx, Nikkei, SPY, QQQ — all of them tune to the same frequency.
Their liquidity systems don’t think; they synchronize.
That echo compounds the motion by a factor of two or three, reverberating through $500–$900 billion in global repricing.
And that’s before the reflex chains even begin.
When the thermal low holds, delta hedges unwind.
Portfolio managers rebalance.
Shorts scramble.
Options desks reprice convexity.
Passive flows wake up.
