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Sentiment Switches Direction on Stocks

Sentiment Switches Direction on Stocks

David Rodriguez, Head of Product

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

US S&P 500– The ratio of long to short positions in the SPX500 stands at -2.62 as 28% of traders are long. Yesterday the ratio was -1.43; 41% of open positions were long. Long positions are 14.7% lower than yesterday and 41.2% above levels seen last week. Short positions are 57.0% higher than yesterday and 21.1% above levels seen last week. Open interest is 27.4% higher than yesterday and 21.7% above 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 but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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

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