Study. E-MINI S&P 500 FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) CME_MINI:ES1! Swanrench Study this. Check out how treasuries were moving while the S&P was moving higher. Treasuries were not making lower lows while the S&P was moving higher. Treasuries were moving sideways. A clue before the big S&P decline. As of now, treasuries are making lower lows while the S&P is moving higher.