S&P 500 Sentiment Unclear Until this Changes

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US 500: Retail trader data shows 24.3% of traders are net-long with the ratio of traders short to long at 3.12 to 1. The number of traders net-long is 11.1% higher than yesterday and 0.8% higher from last week, while the number of traders net-short is 0.3% lower than yesterday and 6.5% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US 500 prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed US 500 trading bias.