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  • 🇬🇧 Retail Sales ex Fuel YoY (MAR) Actual: 7.9% Expected: 4.5% Previous: -1% https://www.dailyfx.com/economic-calendar#2021-04-23
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.68%, while traders in Germany 30 are at opposite extremes with 70.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vbeOzxRu74
SPX500 Shows Signs of Turn, But We Aren’t Selling Yet

SPX500 Shows Signs of Turn, But We Aren’t Selling Yet

David Rodriguez, Head of Product
ssi_spx500_body_Picture_16.png, SPX500 Shows Signs of Turn, But We Aren’t Selling Yet

SPX500Retail CFD speculators remain aggressively net-short the SPX500 contract as it trades near record-highs, and we see little choice but to maintain our bullish contrarian trading forecast.

Trade Implications – Our retail sentiment data shows that the number of orders short SPX500 outnumber those long by a massive 5.4 to 1. It’s certainly worth noting that long interest is up approximately 40 percent since last week, while short interest is down 17 percent.

The reversal in sentiment might be early warning of a turn. But as we say with Gold prices, major turning points are only clear in hindsight. We see little choice but to remain bullish SPX500 until a much larger turn in sentiment.

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

ssi_spx500_body_1a_4.png, SPX500 Shows Signs of Turn, But We Aren’t Selling Yet

View how to automate the high-volatility Breakout2 Trading System via our previous article and webinar recording.

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