Retail SPX500 Positioning Little Changed Past 24-hours as Markets Await Vote
SPX500 - The ratio of long to short positions in the SPX500 stands at -5.81 as 15% of traders are long. Yesterday the ratio was -5.34; 16% of open positions were long. Long positions are 12.5% lower than yesterday and 46.6% below levels seen last week. Short positions are 4.6% lower than yesterday and 3.6% above levels seen last week. Open interest is 5.9% lower than yesterday and 20.9% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the SPX500 may continue higher. The trading crowd has grown further net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.
--- Written by Christopher Vecchio, Currency Strategist
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