Dow Jones and S & P Predicted to Rise in the Coming Days
According to IG Client Sentiment (IGCS), most retail investors feel more inclined to sell off the most major and prominent stock benchmark indices of Wall Street. The two major stock benchmark indices included are Dow Jones and S & P 500. The IGCS is termed an indicator that is contrarian in nature. It implies that if the current retail traders continue selling in the ongoing recent price action, it could lead to more room for both Dow Jones and S & P 500 to extend the gains further.
The S&P 500 index appears to be Bullish
As per the IGCS, approximately 45% of retail traders are estimating buy positions for the S&P 500 index. The downside exposure for the position had decreased by a certain percentage compared to the previous day, but it has increased simultaneously by less than 15% compared to last week’s index. The majority of retail traders are now in the net-short position, which hints that prices might continue to even rise further.
Technical Analysis of the S&P index- According to IG Review, click here to know more the S&P 500 futures have extended towards an advance beyond the decreasing near-term trendline from early September. This has led to the index getting closer to reaching its all-time high. It can also imply that the index may have to face key resistance in the near future. Click here to know more about the forex broker platform.
The Dow Jones Index appears to be Bullish
According to IGCS estimates, around 32% of retail traders would like to hold the selling position at the Dow Jones Index. The downside exposure has increased by 0.85% over the day and increased by 37.48% over a weekly basis calculation. Major retail traders believe in holding a net-short position, as prices are estimated to continue rising. The recent changes have led to underscoring the bullish contrarian trading basis.
Technical Analysis of the Dow Jones Index- Dow Jones futures have recently witnessed huge gains, bringing the index closer to reaching the all-time high. This led to a bounce off from the 200 days Simple Moving Average.