S&P 500 Remains a Buy
Why and how do we use the SSI in trading? View our video and download the free indicator here
US S&P 500– A contrarian view of retail trader positions points to continued recovery in the resurgent US S&P 500. Our data shows nearly two-thirds of open SPX500 positions are currently short, and such one-sided sentiment readings most often lead us to do the opposite and go long.
Indeed it was last week we noted a sharp turn in the retail mood as a key reason the S&P would continue higher. It would take a marked turn in the opposite direction to shake us from our bullish trading bias.
See next currency section: EURUSD - Euro Likely to Stick to Range, but Watch for Major Break Higher
--- 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.