S&P 500 Bullish Bias Eases as New Highs Emerge
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US 500: Retail trader data shows 16.1% of traders are net-long with the ratio of traders short to long at 5.22 to 1. The number of traders net-long is 0.3% lower than yesterday and 10.5% lower from last week, while the number of traders net-short is 2.9% lower than yesterday and 0.5% lower 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.
--- Written by Christopher Vecchio, CFA, Senior Currency Strategist
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