Value Areas on Friday and Monday were generated entirely above 4340 (1mn poc). ES is in a strong position if it prints above that level. Aggressive Buying (green) was marked again on Monday. A RTH close below 4354.75, the low of that Buying Day, would be the first indication of weakness.
Sentiment: Last Thursday, my version of the Rydex Assets Ratio reached 34.73, the highest ratio recorded, indicating extremely hot sentiment and a warning. However, in two days the ratio has quickly fallen back to 27.7 even as SPX has hit another new high. In the ST this can usually be considered bullish.
