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S&P 500: Price May Fall As Resistance Is Tested

S&P 500: Price May Fall As Resistance Is Tested

Jake Schoenleb, Contributor


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Retail Traders Stay Net-Short Despite Recent Gains

US 500: Retail trader data shows 33.5% of traders are net-long with the ratio of traders short to long at 1.98 to 1. In fact, traders have remained net-short since May 03 when US 500 traded near 2672.87; price has moved 5.0% higher since then. The percentage of traders net-long is now its highest since Jul 10 when US 500 traded near 2770.75. The number of traders net-long is 5.9% higher than yesterday and 7.8% higher from last week, while the number of traders net-short is 4.8% lower than yesterday and 3.0% higher from last week.

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S&P 500 Sentiment Signals a Short Term Bearish Bias

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US 500 prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current US 500 price trend may soon reverse lower despite the fact traders remain net-short.

--- Written by Jake Schoenleb, DailyFX Research

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