S&P 500: Bounce Off 2700 Likely

S&P Short Trade Rises by 9.5%

US 500: Retail trader data shows 38.5% of traders are net-long with the ratio of traders short to long at 1.59 to 1. In fact, traders have remained net-short since May 03 when US 500 traded near 2634.13; price has moved 2.8% higher since then. The number of traders net-long is 4.6% higher than yesterday and 4.4% higher from last week, while the number of traders net-short is 9.5% higher than yesterday and 16.9% higher from last week.

S&P Trades with 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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