By InvestMacro
Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).
The latest COT data is updated through Tuesday April 11th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.
Weekly Speculator Changes led by Nasdaq-Mini & S&P500-Mini
The COT stock markets speculator bets were higher this week as six out of the seven stock markets we cover had higher positioning while the other two markets had lower speculator contracts.
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Leading the gains for the stock markets was the Nasdaq-Mini (16,255 contracts) with the S&P500-Mini (13,847 contracts), Russell-Mini (11,825 contracts), VIX (7,720 contracts), DowJones-Mini (1,979 contracts) and the Nikkei 225 (1,165 contracts) also showing positive weeks.
The markets with the declines in speculator bets this week were the MSCI EAFE-Mini (-1,874 contracts) and the Nikkei 225 Yen (-627 contracts) also registering lower bets on the week.
| Apr-11-2023 | OI | OI-Index | Spec-Net | Spec-Index | Com-Net | COM-Index | Smalls-Net | Smalls-Index |
|---|---|---|---|---|---|---|---|---|
| S&P500-Mini | 2,248,469 | 19 | -307,612 | 2 | 342,012 | 96 | -34,400 | 20 |
| Nikkei 225 | 11,035 | 2 | -2,114 | 64 | 1,673 | 40 | 441 | 34 |
| Nasdaq-Mini | 237,470 | 34 | -2,130 | 74 | 7,920 | 31 | -5,790 | 43 |
| DowJones-Mini | 90,263 | 48 | -21,646 | 19 | 28,085 | 91 | -6,439 | 12 |
| VIX | 360,853 | 71 | -49,366 | 79 | 49,252 | 16 | 114 | 92 |
| Nikkei 225 Yen | 39,569 | 19 | 5,968 | 52 | 14,549 | 50 | -20,517 | 37 |
Strength Scores led by VIX & Nasdaq-Mini
COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that the VIX (79 percent) and the Nasdaq-Mini (74 percent) lead the stock markets this week. The Nikkei 225 (64 percent) and Nikkei 225 Yen (52 percent) come in as the next highest in the weekly strength scores.
On the downside, the S&P500-Mini (2 percent) and the DowJones-Mini (19 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).
Strength Statistics:
VIX (78.9 percent) vs VIX previous week (73.6 percent)
S&P500-Mini (2.5 percent) vs S&P500-Mini previous week (0.0 percent)
DowJones-Mini (18.7 percent) vs DowJones-Mini previous week (13.5 percent)
Nasdaq-Mini (73.8 percent) vs Nasdaq-Mini previous week (64.8 percent)
Russell2000-Mini (44.9 percent) vs Russell2000-Mini previous week (37.8 percent)
Nikkei USD (63.8 percent) vs Nikkei USD previous week (57.6 percent)
EAFE-Mini (21.8 percent) vs EAFE-Mini previous week (24.1 percent)
Nasdaq-Mini & VIX top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that the Nasdaq-Mini (12 percent) leads the past six weeks trends for the stock markets.
The S&P500-Mini (-22 percent) leads the downside trend scores currently with the DowJones-Mini (-15 percent) coming in as the next market with lower trend scores.
Strength Trend Statistics:
VIX (4.1 percent) vs VIX previous week (-0.7 percent)
S&P500-Mini (-22.2 percent) vs S&P500-Mini previous week (-15.6 percent)
DowJones-Mini (-14.9 percent) vs DowJones-Mini previous week (-19.4 percent)
Nasdaq-Mini (12.1 percent) vs Nasdaq-Mini previous week (-2.4 percent)
Russell2000-Mini (-1.4 percent) vs Russell2000-Mini previous week (-1.4 percent)
Nikkei USD (-0.6 percent) vs Nikkei USD previous week (-6.6 percent)
EAFE-Mini (-7.1 percent) vs EAFE-Mini previous week (-1.9 percent)
Individual Stock Market Charts:
VIX Volatility Futures:
The VIX Volatility large speculator standing this week was a net position of -49,366 contracts in the data reported through Tuesday. This was a weekly increase of 7,720 contracts from the previous week which had a total of -57,086 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 78.9 percent. The commercials are Bearish-Extreme with a score of 16.4 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 91.8 percent.
| VIX Volatility Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 21.1 | 52.3 | 7.1 |
| – Percent of Open Interest Shorts: | 34.7 | 38.6 | 7.0 |
| – Net Position: | -49,366 | 49,252 | 114 |
| – Gross Longs: | 76,020 | 188,606 | 25,538 |
| – Gross Shorts: | 125,386 | 139,354 | 25,424 |
| – Long to Short Ratio: | 0.6 to 1 | 1.4 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 78.9 | 16.4 | 91.8 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish-Extreme | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 4.1 | -5.5 | 10.4 |
S&P500 Mini Futures:
The S&P500 Mini large speculator standing this week was a net position of -307,612 contracts in the data reported through Tuesday. This was a weekly rise of 13,847 contracts from the previous week which had a total of -321,459 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 2.5 percent. The commercials are Bullish-Extreme with a score of 95.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 19.7 percent.
| S&P500 Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 9.2 | 77.8 | 10.1 |
| – Percent of Open Interest Shorts: | 22.9 | 62.6 | 11.6 |
| – Net Position: | -307,612 | 342,012 | -34,400 |
| – Gross Longs: | 207,007 | 1,749,879 | 227,253 |
| – Gross Shorts: | 514,619 | 1,407,867 | 261,653 |
| – Long to Short Ratio: | 0.4 to 1 | 1.2 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 2.5 | 95.7 | 19.7 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -22.2 | 23.8 | -7.2 |
Dow Jones Mini Futures:
The Dow Jones Mini large speculator standing this week was a net position of -21,646 contracts in the data reported through Tuesday. This was a weekly advance of 1,979 contracts from the previous week which had a total of -23,625 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 18.7 percent. The commercials are Bullish-Extreme with a score of 90.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 12.5 percent.
| Dow Jones Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 19.3 | 67.3 | 12.7 |
| – Percent of Open Interest Shorts: | 43.3 | 36.2 | 19.8 |
| – Net Position: | -21,646 | 28,085 | -6,439 |
| – Gross Longs: | 17,410 | 60,765 | 11,475 |
| – Gross Shorts: | 39,056 | 32,680 | 17,914 |
| – Long to Short Ratio: | 0.4 to 1 | 1.9 to 1 | 0.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 18.7 | 90.8 | 12.5 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -14.9 | 21.7 | -24.6 |
Nasdaq Mini Futures:
The Nasdaq Mini large speculator standing this week was a net position of -2,130 contracts in the data reported through Tuesday. This was a weekly gain of 16,255 contracts from the previous week which had a total of -18,385 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 73.8 percent. The commercials are Bearish with a score of 31.4 percent and the small traders (not shown in chart) are Bearish with a score of 42.5 percent.
| Nasdaq Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 21.7 | 61.1 | 15.5 |
| – Percent of Open Interest Shorts: | 22.6 | 57.7 | 18.0 |
| – Net Position: | -2,130 | 7,920 | -5,790 |
| – Gross Longs: | 51,607 | 144,976 | 36,868 |
| – Gross Shorts: | 53,737 | 137,056 | 42,658 |
| – Long to Short Ratio: | 1.0 to 1 | 1.1 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 73.8 | 31.4 | 42.5 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 12.1 | -21.0 | 23.1 |
Russell 2000 Mini Futures:
The Russell 2000 Mini large speculator standing this week was a net position of -45,131 contracts in the data reported through Tuesday. This was a weekly advance of 11,825 contracts from the previous week which had a total of -56,956 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 44.9 percent. The commercials are Bullish with a score of 56.8 percent and the small traders (not shown in chart) are Bearish with a score of 21.4 percent.
| Russell 2000 Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 10.6 | 83.2 | 4.4 |
| – Percent of Open Interest Shorts: | 19.8 | 73.7 | 4.7 |
| – Net Position: | -45,131 | 46,801 | -1,670 |
| – Gross Longs: | 51,942 | 408,764 | 21,546 |
| – Gross Shorts: | 97,073 | 361,963 | 23,216 |
| – Long to Short Ratio: | 0.5 to 1 | 1.1 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 44.9 | 56.8 | 21.4 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -1.4 | 3.0 | -9.7 |
Nikkei Stock Average (USD) Futures:
The Nikkei Stock Average (USD) large speculator standing this week was a net position of -2,114 contracts in the data reported through Tuesday. This was a weekly increase of 1,165 contracts from the previous week which had a total of -3,279 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 63.8 percent. The commercials are Bearish with a score of 40.4 percent and the small traders (not shown in chart) are Bearish with a score of 33.9 percent.
| Nikkei Stock Average Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 19.2 | 49.7 | 31.1 |
| – Percent of Open Interest Shorts: | 38.4 | 34.5 | 27.1 |
| – Net Position: | -2,114 | 1,673 | 441 |
| – Gross Longs: | 2,121 | 5,482 | 3,432 |
| – Gross Shorts: | 4,235 | 3,809 | 2,991 |
| – Long to Short Ratio: | 0.5 to 1 | 1.4 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 63.8 | 40.4 | 33.9 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -0.6 | -2.3 | 6.9 |
MSCI EAFE Mini Futures:
The MSCI EAFE Mini large speculator standing this week was a net position of -18,360 contracts in the data reported through Tuesday. This was a weekly fall of -1,874 contracts from the previous week which had a total of -16,486 net contracts.
This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 21.8 percent. The commercials are Bullish with a score of 72.6 percent and the small traders (not shown in chart) are Bullish with a score of 52.6 percent.
| MSCI EAFE Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 7.7 | 89.0 | 2.9 |
| – Percent of Open Interest Shorts: | 12.3 | 86.2 | 1.1 |
| – Net Position: | -18,360 | 11,211 | 7,149 |
| – Gross Longs: | 30,279 | 352,149 | 11,449 |
| – Gross Shorts: | 48,639 | 340,938 | 4,300 |
| – Long to Short Ratio: | 0.6 to 1 | 1.0 to 1 | 2.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 21.8 | 72.6 | 52.6 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -7.1 | 5.3 | 6.8 |
Article By InvestMacro – Receive our weekly COT Newsletter
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.
The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.
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