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German DAX Likely to Hit Fresh Highs

German DAX Likely to Hit Fresh Highs

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

German DAX– Retail traders remain heavily short the GER30—a CFD contract which tracks the German DAX—and a contrarian view of crowd sentiment points to further DAX gains.

Our data shows there are currently 1.6 open short positions for every 1 long; 61 percent of positions are short. This represents a moderation from extremes of 2.4 to 1 seen just several days ago. Yet we would need to see a much sharper turn towards buying to call for a meaningful reversal in the DAX.

We will continue to watch for further GER30 gains until we see a larger shift in crowd positioning.

See next currency section: S&P - S&P 500 Remains a Buy until this Changes

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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