S&P500 Mini Speculators edged bullish net positions lower this week

April 28, 2018

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S&P500 Mini Non-Commercial Speculator Positions:

Large stock market speculators cut back on their bullish net positions in the S&P500 Mini futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of S&P500 Mini futures, traded by large speculators and hedge funds, totaled a net position of 210,964 contracts in the data reported through Tuesday April 24th. This was a weekly reduction of -1,345 contracts from the previous week which had a total of 212,309 net contracts.

Speculative positions have now declined for three out of the past four weeks. The speculative position remains in a very bullish standing above the +200,000 net position level for a fifth straight week which is the first time this has happened since a five week stretch in March and April of 2013.


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S&P500 Mini Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -477,361 contracts on the week. This was a weekly decrease of -28,020 contracts from the total net of -449,341 contracts reported the previous week.

SPY ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SPY ETF, which tracks the price of S&P500 Index, closed at approximately $262.98 which was a drop of $-7.21 from the previous close of $270.19, according to unofficial market data.

*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) as well as the commercial traders (hedgers & traders for business purposes) 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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