S&P 500 Pullback Not Yet a Cause for Concern
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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 – Crowd positions have remained relatively steady as the S&P 500 traded to fresh record peaks through December early-2014. Recent S&P declines are of some concern, but until we see a meaningful shift in sentiment we’ll remain in favor of further stock market gains.
--- 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.