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Lingering Doubt over the Strength of the S&P 500’s Rally a Bullish Backdrop

Lingering Doubt over the Strength of the S&P 500’s Rally a Bullish Backdrop

Christopher Vecchio, CFA, Senior Strategist
ssi_spx500_body_x0000_i1033.png, Lingering Doubt over the Strength of the S&P 500’s Rally a Bullish Backdrop

SPX500Retail 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 – The rebound in retail short positioning as the headline US stock index trades to fresh highs suggests that the broader rally isn’t finished yet. The broad disdain for the rally in and of itself is an indication that the public may be missing out, leaving potential buyers afoot.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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