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SPX500– Retail speculators remain aggressively short the SPX500—a CFD which tracks the fair value of the S&P E-mini futures contract—and a contrarian view of crowd sentiment keeps us watching for further S&P 500 gains.
As the chart above shows, the majority of open positions have remained short the SPX500 with relatively rare exception as the index continues to trade to fresh highs. Until we see a marked shift we see little reason to call for an S&P 500 pullback.
See next currency section: NZDUSD - New Zealand Dollar Outlook Turns Positive
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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