ST: On Monday – RTH opened above the 4482.0 Resistance and immediately sold off. Same happened on Tuesday. Also last Thursday there was a failure at the 4526.5 Resistance, see arrows on chart. This is a change in tone and a pattern Bulls would want to see reverting. Time back above 4482.0 would be a start.
LT: The first sign of weakness in the LT would be a Value Area printed entirely below 4391.50, the 2month control.
Sentiment: my version of the Rydex Assets Ratio is at 35.19. Down from 38.63 last week, the highest ratio ever, indicating extremely hot sentiment. imo we need to watch for topping indications (see LT above) but there could be a blow-off move first.
