S&P 500 Once Again Defies Gravity, Looks to Trade Higher
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
SPX500 – The seemingly-unbreakable US S&P 500 looks poised to continue higher as trader positioning on the SPX500 contract favors further short-term gains.
Trade Implications SPX500 – Last week a shift in crowd positions warned that the S&P could soon make a sustained break lower. Yet the index switched tack and trader sentiment likewise turned. Until we see a larger push below a critical price floor at 1900 and a commensurate move in crowd positioning, we see little choice but to remain in favor of further stock market gains.
See next currency section: NZDUSD -NZD Poised for Declines Unless this Level Gives Way
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.