When we see an extreme volume spike form on the following monthly chart of the S&P 500 Futures Index (ES), it may be close to a bottom/capitulation, particularly if it falls near one of the major support levels, as shown.
Further bottoming clues are described, in detail, in my articles of October 2, September 30, and September 24, pertaining to the corresponding SPX and the SPX:VIX Ratio.
Until then, I expect volatility to continue, producing large intraday swings in both directions.
