The minor control is 4570. ES is printing below that level pre-RTH. A RTH close below 4529, the low of Monday’s Buying Day, would be a first indication of weakness.
Sentiment: my version of the Rydex Assets Ratio exploded on Wednesday to a reading above 48. Thursday’s ratio at 48.48 is the highest ratio ever. This represents another extreme in bullish sentiment. This is a contrarian indicator. The next technical indication of weakness (which may come from a higher level) will probably lead to a larger decline than the market will be expecting.
