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S&P 500 Looks Set to Test Fresh Peaks

S&P 500 Looks Set to Test Fresh Peaks

2014-02-20 16:00:00
David Rodriguez, Head of Product
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ssi_SPX500_body_Picture_16.png, S&P 500 Looks Set to Test Fresh Peaks

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SPX500Retail CFD speculators continue selling into SPX500 rallies, and a contrarian view of crowd sentiment leaves us in favor of a move towards fresh record peaks.

Trade Implications SPX500 – The SPX500 tracks the fair value of the S&P 500 futures price, and a look at the chart above shows that traders had remained consistently net-short the contract until it recently bottomed near $1740. The fact that the crowd has once again sold aggressively serves as contrarian signal in favor of continued stock market gains. Only a material shift in positions would shake our bias; our Strategist highlights important support at $1820.30 which may contain any short-term pullbacks.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_SPX500_body_Picture_10.png, S&P 500 Looks Set to Test Fresh Peaks

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