S&P 500 Likely to Hit Fresh Record Highs
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SPX500 - The ratio of long to short positions in the SPX500 stands at -8.57 as 10% of traders are long. Yesterday the ratio was -9.91; 9% of open positions were long. Long positions are 11.6% higher than yesterday and 5.5% below levels seen last week. Short positions are 3.4% lower than yesterday and 1.9% below levels seen last week. Open interest is 2.0% lower than yesterday and 6.9% 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 but further short since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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