S&P 500 Needs to Show it can Hold Gains
SPX500 –Retail speculators have turned their most heavily short the SPX500 contract since the underlying S&P 500 traded to all-time peaks, and a contrarian view of crowd sentiment leaves us bullish on stocks.
Trade Implications SPX 500– Our Senior Market Strategist writes that we’re at a potentially critical turning point in the S&P and broader global equities. A contrarian reading of crowd sentiment keeps us bullish in the short-term, but we’ll need to see a furtive break above record-highs to dispel fears over the potential of a major turnaround.Receive any and all updates on sentiment on my e-mail distribution list via this link.
--- 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.