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S&P 500 Once Again Defies Gravity, Looks to Trade Higher

S&P 500 Once Again Defies Gravity, Looks to Trade Higher

2014-08-14 14:00:00
David Rodriguez, Head of Product
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S&P 500 Once Again Defies Gravity, Looks to Trade Higher

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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

S&P 500 Once Again Defies Gravity, Looks to Trade Higher

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