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S&P 500 Remains Primed For Gains until this Changes

S&P 500 Remains Primed For Gains until this Changes

David Rodriguez, Head of Product
S&P 500 Remains Primed For Gains until this Changes

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SPX500 Retail traders remain extremely short the SPX500, which tracks the fair value of the S&P 500 futures contract. A contrarian view of crowd sentiment leaves us in favor of further record highs.

Trade Implications SPX500 As we noted last week, traders have remained short the SPX500 since the index set an important low near the 1750 mark. There are an impressive 8 open positions short for every 1 long, and such heavily one-sided sentiment leaves the uptrend intact. Price and Time studies nonetheless warn a convergence of key cycles warns of a potential S&P reversal, and any signs of a potential turnaround should be taken seriously.

See next currency section: EURCHF - Euro/Swiss Franc Positions at Record Long - Where's the SNB?

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

S&P 500 Remains Primed For Gains until this Changes

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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