Apologies for posting this article so late – I took a break from trading last week. Anyway, here are the latest Commitment of Traders charts.
Commitment of Traders: Professionals +2.2% (long)
The professionals (large SP contract) added to their long positions last week. Their exposure increased from 1.8% to 2.2% of total open interest.
Commitment of Traders: Oscillator +80
The Commitment of Traders Oscillator has now reached +80, up from +42 the week before. This is getting close to over-bought levels but shows no signs of turning down right now.
The Emini is finding resistance at 1,400 and this week we have the FOMC announcement plus a large number of economic releases. Although I'm still bullish medium term, the volume traded over the last 2 days has been very light and indicates a lack of demand. We will need a large volume range day to break 1,400 convincingly and show the uptrend still has some way to go.
Remember, the Commitment of Traders data is collected weekly after the close on Tuesday and the Commitment of Traders Report is published after the close on Friday.