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SPX Could Fall Even Further After Pivotal FOMC Shift

SPX Could Fall Even Further After Pivotal FOMC Shift

David Rodriguez, Head of Product
ssi_spx500_body_Picture_15.png, SPX Could Fall Even Further After Pivotal FOMC Shift

SPX500Clear retail sentiment extremes timed almost the exact top in the S&P 500, and a further shift towards crowd buying leaves us in favor of further losses.

Trade Implications SPX 500 We’ve been singing the same tune on the S&P 500 for a few weeks running now, and it’s worked out so far—I think the SPX has further room to run to the downside. Retail trader positioning shows SPX500 longs have surged over 40 percent since yesterday, while short interest is down 18 percent. There remain over two traders short for every long, but the shift is enough to leave us bearish.

--- 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.

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