S&P 500 Seems Unbreakable, We Favor further Gains
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SPX500 – The high-flying S&P 500 continues to trade near record-highs, and until retail crowd sentiment shifts we see little risk of a larger stock market pullback.
Trade Implications SPX500 – Traders have remained short the SPX500, which tracks the fair value of S&P 500 futures, since the index set an important low near the 1750 mark. Total short interest is down significantly in the past two months, but open short positions outnumber longs by a massive 6 to 1. We’ll need a material shift in positions to confirm any sort of top.
See next currency section: NZDUSD - New Zealand Currency at Continued Risk of Weakness
--- 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.