S&P 500 Rally Starting to Look Frail
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SPX500 –Retail CFD sentiment in the SPX500 contract is showing early signs of an important turnaround in the high-flying S&P 500.
Trade Implications SPX500 – Crowd positions were recently at their most short SPX500 on record as the S&P pressed on to fresh highs. Yet it’s significant to note that short positions have actually fallen a noteworthy 15 percent since last week while long positions are up an important 42 percent.
It’s been a fool’s errand to try and call THE top in stocks, but it seems risky to join crowds in buying the recent S&P pullback.
--- 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.