S&P 500 
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US S&P 500– Retail traders remain very aggressively net-short the SPX500—a CFD which tracks the price of the US S&P 500—and a contrarian view of crowd sentiment leaves us firmly in favor of buying into S&P 500 gains.
As we have noted through the past three weeks, however, the clear caveat remains unchanged: such impressively one-sided positioning often coincides with significant price extremes and reversals. These extremes are by definition only clear in hindsight, and the S&P 500 has continued onto fresh highs despite our warnings. We would ultimately need to see a substantial shift in crowd sentiment to call for a sustained turn lower.
See next currency section: EURUSD - Euro Remains Likely to Test Key Highs
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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