The S&P 500 failed to hold onto early US session gains as market participants weighed comments from Fed Chair Powell and the possibility of escalation in the Middle East following Iraqi air base attack.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 86.87%, while traders in USD/JPY are...IG Client Sentiment Shows that Retail Traders are Long with 55% of Traders Currently Holding Long Positions.
Form a technical perspective, the S&P has bounced off a key area of support before rallying some 200 points toward the key resistance level resting at the 4400 mark. A further challenge for the S&P is the completion of a death cross pattern which would hint at further downside ahead as the 50-day MA crossed below the 100-day MA.
The SPX failed to hold above the 20-day MA today dropping lower on its way toward the 200-day MA. A break lower here would bring the October 4 swing low at 4200 into focus.Taking a quick look at the IG Client Sentiment, 55% of retail traders now holding long positions. Given the Contrarian View to Crowd Sentiment Adopted Here at DailyFX, is this a sign that the SPX may continue to fall?
For a more in-depth look at Client Sentiment on the SPX and how to use it in your trading download your free guide below!!Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
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