SPX500 Outlook Remains Bullish as Crowds Sell Further
SPX500 –Retail CFD speculators continue selling aggressively into SPX500 strength, and such strongly one-sided sentiment warns against betting on any near-term reversals.
Trade Implications – Our SSI data shows that short interest in the SPX500 jumped a further 19% since last week, while long interest is actually slightly higher. If we really wanted to force the issue we could claim that the marginal bounce in long interest warns of short-term trend exhaustion. Yet it seems foolish to go against the high-flying SPX500 at these levels.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.