ES Futures Speculators Add To Extremely Bearish Position!

ES futures speculators added to an already extreme net short position as of last Tuesday which may explain why the E-mini S&P 500 futures price has lagged behind the NQ (Nasdaq 100). The retail trader, meanwhile, (whose also been net short) has been scaling back their net bearish position which highlights Wednesday's and Friday's low as a critical juncture. If 4112 (ES last week's critical support) is broken it could hint of a new phase of retail traders fighting momentum. The S&P 500 index would then break below the 4100 region and immediately open 4050 (April/May lows)