S&P 500: Bears Get Aggressive Ahead Of This Week Key Earnings Reports

Net-Long Positions Dwindle 22.1% This Week

US 500: Retail trader data shows 32.5% of traders are net-long with the ratio of traders short to long at 2.07 to 1. In fact, traders have remained net-short since May 03 when US 500 traded near 2637.83; price has moved 5.1% higher since then. The number of traders net-long is 0.2% lower than yesterday and 24.7% lower from last week, while the number of traders net-short is 1.1% higher than yesterday and 22.1% higher from last week.

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S&P 500 Sentiment Induces a Bullish 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. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger US 500-bullish contrarian trading bias.

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