S&P 500 at no Real Risk of a Turn Lower
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SPX500 –Retail CFD speculators recently hit their most short the SPX500contract on record, giving us steady contrarian signal that the S&P 500 may continue higher.
Trade Implications SPX500 – Crowds have remained short the SPX500 contract since November of last year when the S&P 500 set a lasting bottom. We’ll need to see a substantial shift in retail sentiment before believing that equity markets see any material risk of reversal, and indeed it seems relatively safe buying into SPX500 declines until further notice.
--- 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.