Speculators betting on the next bear market have taken out the largest short position in the world’s biggest S&P500 exchange traded fund since July last year.

According to Will Duff Gordon, senior analyst at Data Explorers: "People predicting that the next move for the S&P500 is down have taken their short positions in the SPDR S&P 500 to their highest point since last July at 13% of total shares."