S&P 500 Looks to Test Fresh Record Highs
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SPX500 - The ratio of long to short positions in the SPX500 stands at -5.20 as 16% of traders are long. Yesterday the ratio was -5.56; 15% of open positions were long. Long positions are 2.2% higher than yesterday and 12.8% above levels seen last week. Short positions are 4.4% lower than yesterday and 9.1% below levels seen last week.
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.