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S&P 500 May Run Higher as Markets Look Short on Fiscal Issues

S&P 500 May Run Higher as Markets Look Short on Fiscal Issues

2013-10-10 17:04:00
Christopher Vecchio, CFA, Senior Strategist
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ssi_spx500_body_x0000_i1037.png, S&P 500 May Run Higher as Markets Look Short on Fiscal Issues

SPX500Retail speculators remain heavily short the SPX500 contract, which tracks the fair value of S&P 500 E-mini Futures. As long as crowds remain short, we favor further upside, and increasingly so as speculators have increased their shorts.

Trade Implications SPX 500– Two weeks ago we warned that our data flashed a major warning sign on the S&P 500 as we saw early sign of a major shift in crowd sentiment.

During the dip on the heels of tense US fiscal negotiations, speculators reduced their bearish SPX500 positioning, and now that the contract has started to rebound, shorts are rushing back in. Accordingly, the early signs of a bigger selloff may have been premature. Should bearish sentiment continue to rebuild, the forecast will continue to improve for the SPX500.

--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com

ssi_spx500_body_x0000_i1042.png, S&P 500 May Run Higher as Markets Look Short on Fiscal Issues

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Contact Christopher via email at cvecchio@dailyfx.com.

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