S&P 500 on Track to Hit Fresh Record Highs
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SPX500 - The ratio of long to short positions in the SPX500 stands at -5.28 as 16% of traders are long. Yesterday the ratio was -4.19; 19% of open positions were long. Long positions are 21.6% lower than yesterday and 10.9% above levels seen last week. Short positions are 1.1% lower than yesterday and 16.3% below levels seen last week. Open interest is 5.0% lower than yesterday and 3.4% 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 but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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