Commitment of Traders (COT) report analysis S&P 500 Consolidated – 2020-09-08

Commitment of Traders (COT) Report: S&P 500

The number retail trader data shows 39.45% of traders are net-long with the ratio of traders short to long at 1.53 to 1

As per the contrarian view to crowd sentiment, and the fact traders are net-short suggests S&P 500 prices may continue to rise.

Institutions unwind-ed their huge longs because of profit booking mainly in Tech sector and created few shorts , if this heavy long unwinding continues and further short buildup seen on the institutional side, then there is a high probability to retrace the support of $3169 this time, however which is highly unlikely.

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

Our target achieved i.e. $3413 dated 24-Aug-2020

Support: 3237-3290

Resistance: 3413-3486

SP500COT2020-09-08S&P Retail trader - 2020-09-11SP500_Chart-2020-09-11

 

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