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Hedge-fund long positions in S&P 500 on rise

MarketWatch – Hedge-fund long positions in the S&P 500 Index rose in the past week, once again crowding long positions for speculators, according to a Bank of America Merrill Lynch note Monday. Large speculators bought $11.5 billion in S&P 500 futures in the week ending Feb. 5, compared with $8 billion in the previous week, a 44% rise, according to the note, which gathered Commitment of Traders data.

B. of A. Merrill Lynch said the S&P 500 is “on target to test resistance near 1,550,” but will likely sell off during February with support levels at 1,470 to 1,480, then 1,455. The S&P 500 closed down 0.92 point, or less than 0.1%, at 1,517.01 Monday.

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