Bulls looked like they were regaining control but yesterday pre RTH I wrote “Important to note that the 4mn has now migrated higher to 4440. Price relative to that level very is important to monitor. A value Area above/below could indicate the next move.” Overnight ES tested 4440 from below and quickly sold-off to test 4391.50, which was previously the 4mn poc (and could easily be again). That is far from encouraging price action if you’re a bull. Price below 4391.50 would be a weaker position.
Sentiment: my version of the Rydex Assets Ratio was slightly lower at 35.51. Down from 38.63 on 09/09, the highest ratio ever, indicating extremely hot sentiment.
