S&P 500 Isn’t Giving Up Just Yet
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SPX500 –Retail CFD speculators remain heavily short the SPX500 contract, which tracks the fair value of S&P 500 futures. A contrarian view of crowd sentiment leaves us in favor of further gains.
Trade Implications SPX500 – We recently wrote that a pullback in retail selling warned that the S&P 500 could soon turn lower, but that obviously proved premature as the index trades to fresh peaks. Indeed recent selling suggests that stocks can continue to move higher.
--- 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.