Investing.com - The Investing.com weekly sentiment index published on Monday revealed that market players aggressively shorted the S&P 500 in the week ending May 23, as it trades at record-high levels.
According to the report, only 8.0% of market participants held long positions in the S&P 500 last week, down from 38.5% in the previous week. A reading below 30% indicates oversold conditions.
Elsewhere, 49.4% of investors held long positions in EUR/USD, up from 41.0% a week earlier. Investors were also 46.4% long in GBP/USD, compared to 40.8% in the preceding week.
Meanwhile, 55.4% held long positions in USD/JPY, up slightly from 53.1% a week earlier, while 50.7% were long USD/CHF, compared to 48.8% in the preceding week.
Amongst the commodity-linked currencies, 53.1% were long USD/CAD, compared to 55.3% a week earlier, 61.6% held long positions in AUD/USD, improving from 54.0% in the preceding week, while 51.7% were long NZD/USD, up from 45.9% a week earlier.
In the commodities market, 65.4% of market players held long positions in gold, compared to 64.0% a week earlier.
The Investing.com series of indexes is developed in-house, using data from futures exchanges and OTC providers on all long and short open positions.
A reading between 50% and 70% is bullish for the instrument, a reading between 30% and 50% is bearish, a reading above 70% indicates overbought conditions and a reading below 30% indicates oversold conditions.