I'm guessing there is someone in the SSG team who thought having a red glove in a circle animate over the players head once a fight is over would make sense, but I'm an indie game dev and it makes no sense to me.

What does it indicate?

I also noticed yellow and orange versions.
Do they make sense to anyone else?

I get the the half circle surrounding both sides of the character indicates the amount of mettle, but sorry, these red etc circles that appear over the head of the player make no sense.