S&P 500 Has Mixed Trading Bias Going Into The Weekend
US 500: Retail trader data shows 24.9% of traders are net-long with the ratio of traders short to long at 3.02 to 1. The number of traders net-long is 1.5% lower than yesterday and 6.6% higher from last week, while the number of traders net-short is 6.2% higher than yesterday and 3.5% 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 more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed US 500 trading bias.
--- Written by Dylan Jusino, DailyFX Research
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