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S&P 500 Client Trading Sentiment

Number of Traders Net-Long at Multi-Month Highs

US 500: Retail trader data shows 39.0% of traders are net-long with the ratio of traders short to long at 1.56 to 1. In fact, traders have remained net-short since May 03 when US 500 traded near 2613.4; price has moved 10.6% higher since then. The percentage of traders net-long is now its highest since Sep 18 when US 500 traded near 2907.6. The number of traders net-long is 15.2% higher than yesterday and 22.0% higher from last week, while the number of traders net-short is 1.6% lower than yesterday and 4.3% lower from last week.

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Sentiment Warns of Trend Reversal

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 Jack Schwarze, DailyFX Research