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 March 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 Nikkei 225
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The COT stock markets speculator bets were decisively lower this week as just one out of the seven stock markets we cover had higher positioning while the other six markets had lower speculator contracts.
Leading the gains for the stock markets was the Nikkei 225 stock index with a small rise of 540 contracts on the week.
The markets with the declines in speculator bets this week were the S&P500-Mini (-121,673 contracts), the VIX (-15,159 contracts), the Nasdaq-Mini (-14,307 contracts), the DowJones-Mini (-5,479 contracts), the Russell-Mini (-5,137 contracts) and the MSCI EAFE-Mini (-3,180 contracts) with also registering lower bets on the week.
Stock Market Net Speculators Leaderboard
Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)
Strength Scores led by VIX & 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 VIX (87 percent) and the Nikkei 225 (79 percent) lead the stock markets this week. The MSCI EAFE-Mini (73 percent) and Russell-Mini (72 percent) come in as the next highest in the weekly strength scores.
On the downside, the DowJones-Mini (53 percent) comes in at the lowest strength level currently.
Strength Statistics:
VIX (86.5 percent) vs VIX previous week (100.0 percent)
S&P500-Mini (68.4 percent) vs S&P500-Mini previous week (90.2 percent)
DowJones-Mini (53.5 percent) vs DowJones-Mini previous week (62.4 percent)
Nasdaq-Mini (52.6 percent) vs Nasdaq-Mini previous week (74.8 percent)
Russell2000-Mini (71.5 percent) vs Russell2000-Mini previous week (75.0 percent)
Nikkei USD (79.1 percent) vs Nikkei USD previous week (74.5 percent)
EAFE-Mini (72.6 percent) vs EAFE-Mini previous week (77.1 percent)
VIX & Nikkei 225 top the 6-Week Strength Trends
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that the VIX (44 percent) leads the past six weeks trends for the stock markets. The Nikkei 225 (25 percent) and the Russell-Mini (12 percent) are the next highest positive movers in the latest trends data.
The MSCI EAFE-Mini (-14 percent) leads the downside trend scores currently with the DowJones-Mini (-12 percent) coming in as the next market with lower trend scores.
Strength Trend Statistics:
VIX (44.4 percent) vs VIX previous week (48.6 percent)
S&P500-Mini (-6.5 percent) vs S&P500-Mini previous week (13.1 percent)
DowJones-Mini (-11.5 percent) vs DowJones-Mini previous week (-0.7 percent)
Nasdaq-Mini (-7.4 percent) vs Nasdaq-Mini previous week (6.2 percent)
Russell2000-Mini (11.7 percent) vs Russell2000-Mini previous week (11.8 percent)
Nikkei USD (25.1 percent) vs Nikkei USD previous week (17.9 percent)
EAFE-Mini (-14.2 percent) vs EAFE-Mini previous week (8.0 percent)
Individual Stock Market Charts:
VIX Volatility Futures:
The VIX Volatility large speculator standing this week totaled a net position of -8,991 contracts in the data reported through Tuesday. This was a weekly fall of -15,159 contracts from the previous week which had a total of 6,168 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-Extreme with a score of 86.5 percent. The commercials are Bearish-Extreme with a score of 10.4 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 100.0 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| VIX Volatility Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 25.7 | 41.8 | 8.9 |
| – Percent of Open Interest Shorts: | 28.7 | 40.9 | 6.9 |
| – Net Position: | -8,991 | 2,843 | 6,148 |
| – Gross Longs: | 79,034 | 128,546 | 27,278 |
| – Gross Shorts: | 88,025 | 125,703 | 21,130 |
| – Long to Short Ratio: | 0.9 to 1 | 1.0 to 1 | 1.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 86.5 | 10.4 | 100.0 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 44.4 | -43.4 | 5.6 |
S&P500 Mini Futures:
The S&P500 Mini large speculator standing this week totaled a net position of -53,362 contracts in the data reported through Tuesday. This was a weekly lowering of -121,673 contracts from the previous week which had a total of 68,311 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 68.4 percent. The commercials are Bearish with a score of 29.8 percent and the small traders (not shown in chart) are Bullish with a score of 71.8 percent.
Price Trend-Following Model: Strong Downtrend
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| S&P500 Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 12.7 | 72.1 | 12.1 |
| – Percent of Open Interest Shorts: | 15.3 | 73.8 | 7.9 |
| – Net Position: | -53,362 | -33,837 | 87,199 |
| – Gross Longs: | 263,754 | 1,496,022 | 251,247 |
| – Gross Shorts: | 317,116 | 1,529,859 | 164,048 |
| – Long to Short Ratio: | 0.8 to 1 | 1.0 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 68.4 | 29.8 | 71.8 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -6.5 | 11.9 | -17.2 |
Dow Jones Mini Futures:
The Dow Jones Mini large speculator standing this week totaled a net position of -4,206 contracts in the data reported through Tuesday. This was a weekly reduction of -5,479 contracts from the previous week which had a total of 1,273 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 53.5 percent. The commercials are Bearish with a score of 42.1 percent and the small traders (not shown in chart) are Bullish with a score of 63.2 percent.
Price Trend-Following Model: Strong Downtrend
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| Dow Jones Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 11.9 | 63.5 | 16.1 |
| – Percent of Open Interest Shorts: | 17.6 | 59.9 | 14.0 |
| – Net Position: | -4,206 | 2,646 | 1,560 |
| – Gross Longs: | 8,894 | 47,272 | 11,996 |
| – Gross Shorts: | 13,100 | 44,626 | 10,436 |
| – Long to Short Ratio: | 0.7 to 1 | 1.1 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 53.5 | 42.1 | 63.2 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -11.5 | 14.4 | -16.9 |
Nasdaq Mini Futures:
The Nasdaq Mini large speculator standing this week totaled a net position of 8,689 contracts in the data reported through Tuesday. This was a weekly decline of -14,307 contracts from the previous week which had a total of 22,996 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 52.6 percent. The commercials are Bearish with a score of 27.9 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 83.3 percent.
Price Trend-Following Model: Strong Downtrend
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| Nasdaq Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 27.6 | 52.6 | 18.7 |
| – Percent of Open Interest Shorts: | 23.7 | 63.2 | 12.0 |
| – Net Position: | 8,689 | -23,883 | 15,194 |
| – Gross Longs: | 61,767 | 117,916 | 42,020 |
| – Gross Shorts: | 53,078 | 141,799 | 26,826 |
| – Long to Short Ratio: | 1.2 to 1 | 0.8 to 1 | 1.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 52.6 | 27.9 | 83.3 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -7.4 | -1.1 | 11.0 |
Russell 2000 Mini Futures:
The Russell 2000 Mini large speculator standing this week totaled a net position of -15,345 contracts in the data reported through Tuesday. This was a weekly decline of -5,137 contracts from the previous week which had a total of -10,208 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 71.5 percent. The commercials are Bearish with a score of 29.7 percent and the small traders (not shown in chart) are Bearish with a score of 41.0 percent.
Price Trend-Following Model: Strong Downtrend
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| Russell 2000 Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 16.0 | 73.1 | 7.1 |
| – Percent of Open Interest Shorts: | 19.8 | 70.7 | 5.6 |
| – Net Position: | -15,345 | 9,457 | 5,888 |
| – Gross Longs: | 63,721 | 291,919 | 28,244 |
| – Gross Shorts: | 79,066 | 282,462 | 22,356 |
| – Long to Short Ratio: | 0.8 to 1 | 1.0 to 1 | 1.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 71.5 | 29.7 | 41.0 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 11.7 | -6.6 | -17.9 |
Nikkei Stock Average (USD) Futures:
The Nikkei Stock Average (USD) large speculator standing this week totaled a net position of -121 contracts in the data reported through Tuesday. This was a weekly lift of 540 contracts from the previous week which had a total of -661 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 79.1 percent. The commercials are Bearish with a score of 26.1 percent and the small traders (not shown in chart) are Bearish with a score of 46.3 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| Nikkei Stock Average Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 7.4 | 69.0 | 19.5 |
| – Percent of Open Interest Shorts: | 8.2 | 69.3 | 18.4 |
| – Net Position: | -121 | -46 | 167 |
| – Gross Longs: | 1,068 | 9,952 | 2,817 |
| – Gross Shorts: | 1,189 | 9,998 | 2,650 |
| – Long to Short Ratio: | 0.9 to 1 | 1.0 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 79.1 | 26.1 | 46.3 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 25.1 | -18.4 | -5.9 |
MSCI EAFE Mini Futures:
The MSCI EAFE Mini large speculator standing this week totaled a net position of -12,023 contracts in the data reported through Tuesday. This was a weekly lowering of -3,180 contracts from the previous week which had a total of -8,843 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 72.6 percent. The commercials are Bearish with a score of 30.5 percent and the small traders (not shown in chart) are Bullish with a score of 59.2 percent.
Price Trend-Following Model: Uptrend
Our weekly trend-following model classifies the current market price position as: Uptrend.
| MSCI EAFE Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 10.9 | 85.7 | 3.2 |
| – Percent of Open Interest Shorts: | 13.8 | 84.9 | 1.1 |
| – Net Position: | -12,023 | 3,540 | 8,483 |
| – Gross Longs: | 45,965 | 359,985 | 13,278 |
| – Gross Shorts: | 57,988 | 356,445 | 4,795 |
| – Long to Short Ratio: | 0.8 to 1 | 1.0 to 1 | 2.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 72.6 | 30.5 | 59.2 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -14.2 | 7.0 | 22.0 |
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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