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  • AUD/USD sharply higher following last week's decline $AUDUSD https://t.co/cxrl9O6Jvi
  • The US Dollar has put in a very strong push since the Thursday lows – and for traders looking to fade that move, the long side of GBP/USD may be attractive. Get your $GBP market update from @JStanleyFX here:https://t.co/17J9kCb8ff https://t.co/N1zNhEWLHh
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  • $USDJPY is hitting fresh multi-month highs today as the pair continues to trade above the 106.50 level. The last time this pair traded at that level was in early August. $USD $JPY https://t.co/VP9GskwYOJ
  • $WTI Crude Oil is down over 4% off of today's highs, falling from an intraday high above 62.50 to currently trade right around 60.00, its lowest level since early last week. $USO $OIL https://t.co/XrE768A6sK
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S&P 500 Remains a Buy

S&P 500 Remains a Buy

David Rodriguez, Head of Product
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– Aggressive retail selling of the SPX500, which tracks the fair value of S&P 500 futures prices, acts as strong contrarian signal that the US equity index will likely continue higher through the foreseeable future. Our data shows 78 percent of total open SPX500 positions are short; we most often look to do the opposite and buy.

A key caveat is that these sharp moves can sometimes occur at key sentiment and price extremes—in this case it is possible the S&P 500 sets a near-term top. Yet we said the same thing 10 days ago and price has continued higher. We will call for gains until we see a sharp shift in the opposite direction.

See next currency section: EURUSD - Euro Forecast to Stay Below Key Price Resistance Levels

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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

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