S&P 500 Looks to Hit Fresh Record Highs
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SPX500 - The ratio of long to short positions in the SPX500 stands at -6.86 as 13% of traders are long. Yesterday the ratio was -8.52; 11% of open positions were long. Long positions are 21.0% higher than yesterday and 17.8% above levels seen last week. Short positions are 2.5% lower than yesterday and 0.9% above levels seen last week. Open interest is 0.0% lower than yesterday and 23.3% 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 less net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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