S&P 500 Looks to Continue onto Fresh Highs

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SPX500 - The ratio of long to short positions in the SPX500 stands at -5.66 as 15% of traders are long. Yesterday the ratio was -5.33; 16% of open positions were long. Long positions are 4.0% lower than yesterday and 29.3% below levels seen last week. Short positions are 1.9% higher than yesterday and 15.8% above levels seen last week. Open interest is 1.0% higher than yesterday and 1.8% 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 and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.