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Real Time News
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 0.17% Germany 30: 0.08% France 40: 0.07% Wall Street: 0.04% FTSE 100: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0M3Lwae8uH
  • The British Pound nudged higher over the week across the board and this pattern is expected to continue in the weeks ahead as traders watch the UK’s Covid-19 vaccination plan. Get your $GBP update from @nickcawley1 here: https://t.co/OvFP8Zzz5b https://t.co/2TSLOehS4M
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 66.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ElMUYZ7p9R
  • The rest of the New York trading session is absent major scheduled event risk with US markets closed for the Martin Luther King Jr holiday. There is always a risk of unscheduled developments
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.50% Gold: 0.41% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eXSdZgvVeB
  • Despite China's better-than-expected 6.5% 4Q GDP report, $USDCNH is still up on the day. There is strong external influence on this rate, but Dollar still exerts the greater pressure. If it breaks 6.50 and Biden keeps pressure on China trade, I'll be watching https://t.co/5W5tcfeTZ5
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.16% 🇦🇺AUD: -0.25% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BrmnTuolx0
  • The Capitol of the United States has been temporarily shut down ahead of President-Elect Biden's inauguration out of caution
  • Another Dollar pair on my radar is $USDCHF. Its 20-day day correlation coefficient to EURUSD is -0.90 (very strong negative). If the latter's break is sustained, both have appeal. If it stalls (soon), USDCHF is still abiding its resistance which supports establishing levels https://t.co/Pcre3xCbYd
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.13% France 40: 0.11% Germany 30: 0.09% Wall Street: 0.07% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZXdpvpEJJ3
S&P 500 Remains a Buy until this Changes

S&P 500 Remains a Buy until this Changes

David Rodriguez, Head of Product
S&P 500 Remains a Buy until this Changes

Why and how do we use the SSI in trading? View our video and download the free indicator here

US S&P 500– Retail traders remain aggressively short the SPX500, which tracks the US S&P 500, and a contrarian view of crowd sentiment suggests the S&P may trade higher. Indeed, our data shows traders have remained net-short the SPX500 since the S&P traded at 1,854 through mid-February. As long as traders continue to sell, we see little reason to change our bullish trading bias.

Our data shows an impressive 87 percent of total open SPX500 positions are short, and total short interest has recently hit its highest on record. It would take a substantial shift in retail trader positioning to force us to reconsider our long-standing bullish trading bias in the S&P 500.

See next currency section: EURUSD - Euro Likely to Fall Further Until this Changes

--- 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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