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 25th 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 Russell-Mini & Nasdaq-Mini
The COT stock markets speculator bets were lower this week as two out of the seven stock markets we cover had higher positioning while the other six markets had lower speculator contracts.
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Leading the gains for the stock markets was the Russell-Mini (7,043 contracts) with the Nasdaq-Mini (2,457 contracts) also showing a positive week.
The markets with the declines in speculator bets this week were the S&P500-Mini (-19,010 contracts), the VIX (-18,089 contracts), MSCI EAFE-Mini (-2,041 contracts), DowJones-Mini (-1,276 contracts) and with the Nikkei 225 (-16 contracts) also registering lower bets on the week.
| Apr-25-2023 | OI | OI-Index | Spec-Net | Spec-Index | Com-Net | COM-Index | Smalls-Net | Smalls-Index |
|---|---|---|---|---|---|---|---|---|
| S&P500-Mini | 2,265,794 | 20 | -363,267 | 0 | 386,640 | 100 | -23,373 | 22 |
| Nikkei 225 | 12,374 | 6 | -2,572 | 61 | 1,806 | 41 | 766 | 38 |
| Nasdaq-Mini | 247,654 | 39 | 5,130 | 78 | 3,469 | 29 | -8,599 | 37 |
| DowJones-Mini | 99,217 | 62 | -25,673 | 8 | 32,600 | 100 | -6,927 | 10 |
| VIX | 370,163 | 75 | -81,850 | 60 | 82,906 | 35 | -1,056 | 90 |
| Nikkei 225 Yen | 44,218 | 29 | 5,466 | 51 | 15,711 | 54 | -21,177 | 35 |
Strength Scores led by Nasdaq-Mini & Nikkei 225
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 Nasdaq-Mini (78 percent) and the Nikkei 225 (61 percent) lead the stock markets this week. The VIX (60 percent) comes in as the next highest in the weekly strength scores.
On the downside, the S&P500-Mini (0 percent) and the DowJones-Mini (8 percent) come in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).
Strength Statistics:
VIX (59.6 percent) vs VIX previous week (72.9 percent)
S&P500-Mini (0.0 percent) vs S&P500-Mini previous week (3.2 percent)
DowJones-Mini (8.1 percent) vs DowJones-Mini previous week (11.5 percent)
Nasdaq-Mini (77.9 percent) vs Nasdaq-Mini previous week (76.5 percent)
Russell2000-Mini (40.7 percent) vs Russell2000-Mini previous week (36.5 percent)
Nikkei USD (61.3 percent) vs Nikkei USD previous week (61.4 percent)
EAFE-Mini (21.4 percent) vs EAFE-Mini previous week (23.9 percent)
Nasdaq-Mini tops 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 (6.5 percent) leads the past six weeks trends and is the only positive mover for the stock markets this week.
The S&P500-Mini (-41 percent) leads the downside trend scores currently with the MSCI EAFE-Mini (-29 percent) coming in as the next market with lower trend scores.
Strength Trend Statistics:
VIX (-14.9 percent) vs VIX previous week (-1.3 percent)
S&P500-Mini (-40.6 percent) vs S&P500-Mini previous week (-22.5 percent)
DowJones-Mini (-14.7 percent) vs DowJones-Mini previous week (-30.8 percent)
Nasdaq-Mini (6.5 percent) vs Nasdaq-Mini previous week (8.4 percent)
Russell2000-Mini (-1.7 percent) vs Russell2000-Mini previous week (-5.2 percent)
Nikkei USD (-1.1 percent) vs Nikkei USD previous week (4.8 percent)
EAFE-Mini (-29.3 percent) vs EAFE-Mini previous week (-14.1 percent)
Individual Stock Market Charts:
VIX Volatility Futures:
The VIX Volatility large speculator standing this week was a net position of -81,850 contracts in the data reported through Tuesday. This was a weekly lowering of -18,089 contracts from the previous week which had a total of -63,761 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 59.6 percent. The commercials are Bearish with a score of 35.5 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 90.4 percent.
| VIX Volatility Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 19.6 | 54.2 | 6.8 |
| – Percent of Open Interest Shorts: | 41.7 | 31.8 | 7.1 |
| – Net Position: | -81,850 | 82,906 | -1,056 |
| – Gross Longs: | 72,595 | 200,747 | 25,269 |
| – Gross Shorts: | 154,445 | 117,841 | 26,325 |
| – Long to Short Ratio: | 0.5 to 1 | 1.7 to 1 | 1.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 59.6 | 35.5 | 90.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -14.9 | 12.0 | 19.1 |
S&P500 Mini Futures:
The S&P500 Mini large speculator standing this week was a net position of -363,267 contracts in the data reported through Tuesday. This was a weekly decline of -19,010 contracts from the previous week which had a total of -344,257 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 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 22.0 percent.
| S&P500 Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 9.2 | 77.1 | 10.6 |
| – Percent of Open Interest Shorts: | 25.2 | 60.1 | 11.6 |
| – Net Position: | -363,267 | 386,640 | -23,373 |
| – Gross Longs: | 207,333 | 1,747,428 | 240,239 |
| – Gross Shorts: | 570,600 | 1,360,788 | 263,612 |
| – Long to Short Ratio: | 0.4 to 1 | 1.3 to 1 | 0.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 0.0 | 100.0 | 22.0 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -40.6 | 30.1 | 8.6 |
Dow Jones Mini Futures:
The Dow Jones Mini large speculator standing this week was a net position of -25,673 contracts in the data reported through Tuesday. This was a weekly fall of -1,276 contracts from the previous week which had a total of -24,397 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 8.1 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 10.1 percent.
| Dow Jones Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 23.0 | 63.8 | 11.4 |
| – Percent of Open Interest Shorts: | 48.9 | 30.9 | 18.4 |
| – Net Position: | -25,673 | 32,600 | -6,927 |
| – Gross Longs: | 22,829 | 63,281 | 11,297 |
| – Gross Shorts: | 48,502 | 30,681 | 18,224 |
| – Long to Short Ratio: | 0.5 to 1 | 2.1 to 1 | 0.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 8.1 | 100.0 | 10.1 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -14.7 | 12.3 | -2.4 |
Nasdaq Mini Futures:
The Nasdaq Mini large speculator standing this week was a net position of 5,130 contracts in the data reported through Tuesday. This was a weekly increase of 2,457 contracts from the previous week which had a total of 2,673 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 77.9 percent. The commercials are Bearish with a score of 28.6 percent and the small traders (not shown in chart) are Bearish with a score of 37.3 percent.
| Nasdaq Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 26.2 | 57.6 | 14.2 |
| – Percent of Open Interest Shorts: | 24.1 | 56.2 | 17.7 |
| – Net Position: | 5,130 | 3,469 | -8,599 |
| – Gross Longs: | 64,807 | 142,707 | 35,188 |
| – Gross Shorts: | 59,677 | 139,238 | 43,787 |
| – Long to Short Ratio: | 1.1 to 1 | 1.0 to 1 | 0.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 77.9 | 28.6 | 37.3 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 6.5 | -19.4 | 37.3 |
Russell 2000 Mini Futures:
The Russell 2000 Mini large speculator standing this week was a net position of -52,119 contracts in the data reported through Tuesday. This was a weekly gain of 7,043 contracts from the previous week which had a total of -59,162 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 40.7 percent. The commercials are Bullish with a score of 62.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 9.7 percent.
| Russell 2000 Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 11.6 | 83.3 | 3.9 |
| – Percent of Open Interest Shorts: | 21.7 | 72.1 | 5.0 |
| – Net Position: | -52,119 | 57,566 | -5,447 |
| – Gross Longs: | 59,738 | 428,832 | 20,133 |
| – Gross Shorts: | 111,857 | 371,266 | 25,580 |
| – Long to Short Ratio: | 0.5 to 1 | 1.2 to 1 | 0.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 40.7 | 62.8 | 9.7 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -1.7 | 4.6 | -16.4 |
Nikkei Stock Average (USD) Futures:
The Nikkei Stock Average (USD) large speculator standing this week was a net position of -2,572 contracts in the data reported through Tuesday. This was a weekly decline of -16 contracts from the previous week which had a total of -2,556 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 61.3 percent. The commercials are Bearish with a score of 41.2 percent and the small traders (not shown in chart) are Bearish with a score of 37.9 percent.
| Nikkei Stock Average Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 20.1 | 47.4 | 32.5 |
| – Percent of Open Interest Shorts: | 40.9 | 32.8 | 26.3 |
| – Net Position: | -2,572 | 1,806 | 766 |
| – Gross Longs: | 2,485 | 5,867 | 4,022 |
| – Gross Shorts: | 5,057 | 4,061 | 3,256 |
| – Long to Short Ratio: | 0.5 to 1 | 1.4 to 1 | 1.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 61.3 | 41.2 | 37.9 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -1.1 | 3.0 | -4.4 |
MSCI EAFE Mini Futures:
The MSCI EAFE Mini large speculator standing this week was a net position of -18,693 contracts in the data reported through Tuesday. This was a weekly decline of -2,041 contracts from the previous week which had a total of -16,652 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 21.4 percent. The commercials are Bullish with a score of 74.1 percent and the small traders (not shown in chart) are Bearish with a score of 47.9 percent.
| MSCI EAFE Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 7.1 | 89.5 | 2.8 |
| – Percent of Open Interest Shorts: | 11.7 | 86.4 | 1.2 |
| – Net Position: | -18,693 | 12,490 | 6,203 |
| – Gross Longs: | 28,394 | 359,980 | 11,143 |
| – Gross Shorts: | 47,087 | 347,490 | 4,940 |
| – Long to Short Ratio: | 0.6 to 1 | 1.0 to 1 | 2.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 21.4 | 74.1 | 47.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -29.3 | 41.6 | -52.1 |
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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