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