The Dow Jones and S&P 500 are vulnerable as Ukraine tensions have been driving retail investors to increase their upside exposure. What are key technical levels to watch for? Get your market update from ddubrovskyFX here:
Amid geopolitical tensions in Ukraine, data from IG Client Sentiment shows that retail traders are increasingly betting that the Dow Jones and S&P 500 may rally ahead. Upside exposure has been on the rise. At times, IGCS can behave as a contrarian indicator. If this trend in positioning continues, then the road ahead for Wall Street could be tough. For a more comprehensive overview, check out the recording of my webinar above.
Since most traders are biased to the upside, this hints that prices may continue falling. This, plus recent shifts in positioning, are offering a stronger bearish contrarian trading bias.Dow Jones futures appear to be trading within the boundaries of a Falling Wedge chart formation, which could spell weakness in the near term if prices remain within the boundaries of it. The index is consolidating around the 32902 – 33623 support zone after a. The latter spells indecision.
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