With the US debt ceiling concerns now (temporarily) out of the way, the SPX500 is again trading at all-time highs. So why are 60% of CMC’s top clients are short the SPX500? Perhaps the reason concerns the technical picture. The trend line drawn from the August and September peaks could provide some resistance to further upside movement and buyers conviction may be tested here. It will be interesting to see if there is a change sentiment should price breach this resistance. (The Client Sentiment Indicator may be accessed by clicking on the arrow next to the instrument below and selecting from the drop down menu).

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