At the RTH open on Thursday, ES briefly tested 4367 from below and then ran lower. Pre-open 09/15, I wrote that there had been “a change in tone and one Bulls would want to see reverting”. That bearish “tone” hasn’t changed yet. ES has fallen again overnight and the first, very minor, indication of strength today would be holding above 4161. Price below that level and we could see further weakness to end the week.
Sentiment: my version of the Rydex Assets Ratio was lower at 32.58. Down from 38.63 on 09/09, the highest ratio ever, indicating extremely hot sentiment.
