Technical Analysis

S&P 500: Weekly Quick Positions Soar 29% Prompting a Bullish Bias

S&P 500: Weekly Short Positions Soar 29% Prompting a Bullish Bias

49% of Retail Merchants are Web-Lengthy

US 500: Retail dealer knowledge exhibits 49.three% of merchants are net-long with the ratio of merchants quick to lengthy at 1.03 to 1. The variety of merchants net-long is decrease than yesterday and 5.9% decrease from final week, whereas the variety of merchants net-short is 10.three% larger than yesterday and larger from final week.

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S&P 500 Sentiment Counsel Costs could Rise

We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-short suggests US 500 costs could proceed to rise. Merchants are additional net-short than yesterday and final week, and the mixture of present sentiment and up to date modifications provides us a stronger US 500-bullish contrarian buying and selling bias.

— Written by Jake Schoenleb, DailyFX Analysis

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