S&P500 Mini Speculators sharply raised their bullish bets as shorts pull back

May 11, 2019

May11th – By CountingPips.comReceive our weekly COT Reports by Email

S&P500 Mini Non-Commercial Speculator Positions:

Large stock market speculators boosted 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 96,136 contracts in the data reported through Tuesday May 7th. This was a weekly gain of 34,839 net contracts from the previous week which had a total of 61,297 net contracts.

The week’s net position was the result of the gross bullish position (longs) edging higher by 464 contracts to a weekly total of 415,818 contracts while the gross bearish position (shorts) decreased by -34,375 contracts for the week to a total of 319,682 contracts.

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The net speculative position rose sharply for a second straight week and by a total of +93,707 contracts over that period. The fact that the gain this week was primarily from short-covering or short positions cutting their bets back shows speculators have not completely bought into this rally yet. The average position for speculators was over +175,000 per week throughout all of 2018 while only averaging just over +16,000 per week in 2019.

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 -31,621 contracts on the week. This was a weekly decrease of -15,562 contracts from the total net of -16,059 contracts reported the previous week.

S&P500 Mini Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the S&P500 Mini Futures (Front Month) closed at approximately $2890.75 which was a shortfall of $-57.75 from the previous close of $2948.50, 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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