How Much Further can S&P 500 Go?
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US 500: Retail trader data shows 16.9% of traders are net-long with the ratio of traders short to long at 4.91 to 1. The number of traders net-long is 0.6% higher than yesterday and 11.4% higher from last week, while the number of traders net-short is 1.4% higher than yesterday and 5.0% 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. 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.
See next article in this week’s report: EURUSD - Euro Forecast to Gain Further Until this Changes
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.