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  • 🇮🇳 Inflation Rate YoY (APR) Actual: 4.29% Expected: 4.2% Previous: 5.52% https://www.dailyfx.com/economic-calendar#2021-05-12
  • 🇮🇳 Industrial Production YoY (MAR) Actual: 22.4% Expected: 17.6% Previous: -3.6% https://www.dailyfx.com/economic-calendar#2021-05-12
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  • Heads Up:🇮🇳 Industrial Production YoY (MAR) due at 12:00 GMT (15min) Expected: 17.6% Previous: -3.6% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Heads Up:🇮🇳 Manufacturing Production YoY (MAR) due at 12:00 GMT (15min) Previous: -3.7% https://www.dailyfx.com/economic-calendar#2021-05-12
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/AfAhmIoVZv https://t.co/ehvshDWUCb
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.70%, while traders in AUD/JPY are at opposite extremes with 65.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/doRLGOixPH
S&P 500 May Climb Higher as Trader Sentiment Shifts

S&P 500 May Climb Higher as Trader Sentiment Shifts

Dylan Jusino,
S&P 500 May Climb Higher as Trader Sentiment Shifts

US 500: Retail trader data shows 26.2% of traders are net-long with the ratio of traders short to long at 2.81 to 1. The number of traders net-long is 7.7% lower than yesterday and 10.9% lower from last week, while the number of traders net-short is 2.1% higher than yesterday and 8.0% 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. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger US 500-bullish contrarian trading bias.

--- Written by Dylan Jusino, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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