[notouch]

YM has been volatile lately but probably less so than ES. I don't think it's anything to do with traders switching from ER to YM. It's a result of a mixed earnings season and the volatility of stocks in general. VIX is reaching levels not seen for years. The money that goes into YM is a tiny fraction of the money that flows into stocks. Expect more volatility throughout earnings season. After hours today, for example, we have Apple earnings which will create volatility in Apple shares which will affect other tech shares and the market in general. I think you need to stand back and look at the big picture.

Also the rules relating to short sales of stocks were recently changed so short trades can be made on down ticks which has increased volatility.