The put/call ratio has spiked nicely indicating prevailing bearishness at Friday's close:
Still, the market did not make new lows after the lunch on Friday, a positive development.
Since we are in an uptrend and the ratio is currently oversold considering recent previous cases, I think a buy signal has been given. I am ready to go long today after some initial weakness. My preferred entry is on marginal new lows, around 1091 ES. The Retail Sales report may change all that and I will try to adapt.
I think the market is going to rally for the next few days. I do not know whether it will succeed to reach new highs or not but we are in an uptrend and I do not want to be left behind.
One of my indications to take eventual profits will be the 5 day ema of the put/call ratio reaching the red horizontal line again:
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