S&P 500 Likely to Hit Fresh Record Highs
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S&P 500 Likely to Hit Fresh Record Highs

DailyFX.com -

S&P 500 Likely to Hit Fresh Record Highs

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SPX500 - The ratio of long to short positions in the SPX500 stands at -8.57 as 10% of traders are long. Yesterday the ratio was -9.91; 9% of open positions were long. Long positions are 11.6% higher than yesterday and 5.5% below levels seen last week. Short positions are 3.4% lower than yesterday and 1.9% below levels seen last week. Open interest is 2.0% lower than yesterday and 6.9% above its monthly average.

We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the SPX500 may continue higher. The trading crowd has grown less net-short from yesterday but further short since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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