The S&P 500 and Dow Jones may be increasingly at risk as retail traders increase their bullish bets on Wall Street. What are key technical levels to watch to the downside? Get your market update from ddubrovskyFX here:
In recent days, the S&P 500 and Dow Jones have been aiming cautiously lower, reversing some of the upside progress seen throughout March. This is as retail traders have been slowly increasing their upside exposure on Wall Street, as seen using the IG Client Sentiment indicator. The latter can at times function as a contrarian indicator. With that in mind, is there more pain in store for Wall Street ahead?shows that about 52% of retail traders are net-long the S&P 500.
Over the past day and week, downside exposure has decreased by 6.1% and 14.7% respectively. Taking these into consideration, recent shifts in positioning are offering a stronger bearish contrarian trading bias.Taking a look at the daily chart, the S&P 500 could be carving out a bearish Head and Shoulders chart formation. The left shoulder has its beginnings from the summer of 2021, with the head peaking at the all-time high of 4808.25.
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