Investing.com - The Investing.com weekly sentiment index published on Monday revealed that speculators turned bearish on the S&P 500 in the week ending September 4.
According to the report, 26.3% of investors were long the S&P 500 as of last week, falling sharply from 51.5% a week earlier. A reading below 30% indicates oversold conditions.
In the commodities market, 53.0% of market participants held long positions in gold futures last week, dropping from 58.3% in the preceding week.
Meanwhile, 29.8% of investors held long positions in EUR/USD as of last week, down from 36.3% in the preceding week, while 45.1% of investors were long in GBP/USD, compared to 51.1% a week earlier.
Elsewhere, 45.7% of market participants held long positions in USD/JPY, down from 47.5% in the preceding week, while 45.0% of investors were long USD/CHF, declining from 53.8% in the previous week.
Amongst the commodity-linked currencies, 46.6% were long USD/CAD, compared to 49.5% a week earlier, 45.5% held long positions in AUD/USD, improving from 30.4% in the preceding week, while 47.1% were long NZD/USD, up from 45.1% a week earlier.
A reading between 50%-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.
The Investing.com series of indexes is developed in-house. Each index measures overall exposure to major currency pairs, commodities and indexes, using data from futures exchanges and OTC providers on all long and short open positions.