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US S&P 500 Looks at Danger of Turnaround

US S&P 500 Looks at Danger of Turnaround

David Rodriguez, Head of Product

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

US S&P 500– Retail CFD traders remain extremely net-short the SPX500, which tracks the fair value of the S&P E-mini futures contract, and a contrarian view of ‘crowd’ sentiment has kept us firmly bullish. Continued failure to break to fresh highs gives us pause, however. The S&P has now made two consecutive lower highs, and a third lower high would highlight danger of a turnaround.

It will be critical to watch how traders react to the S&P 500 near key highs—a major shift in retail trader sentiment may confirm a short-term price trend turnaround.

See next currency section: EURUSD - Signs of Danger - Has Euro Trend Turned?

--- Written by David Rodriguez, Senior Strategist for

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