Commitment of Traders Oscillator still over-bought at +105 this week.
Commitment of Traders: Professionals -0.3% (short)
Very little new insight from this week’s Commitment of Traders Report. Large (SP) contract professionals continued to be marginally short this week at -0.3% of total open interest, up fractionally from last week.
Large (SP) contract professionals and mini (ES) contract professionals are closely aligned with the percentage difference between them only -0.2% (red line above).
Commitment of Traders: Oscillator +105
The Commitment of Traders Oscillator ticked over this week from +106 to +105 and is still over-bought.
This week’s Emini trading resulted in an inside weekly bar and doji candlestick pattern, indicating indecision. We have support at 1,260 and resistance at 1,300 – so look for any breaks of these levels next week.
Despite the over-bought COT Oscillator I’m still medium-term bullish:
- Low volume down bar on weekly Emini chart
- Cyclical Hilbert Sine Wave lows on daily and weekly Emini charts
- Bonds in an uptrend from 20 days ago
- US Dollar in an uptrend again Japanese Yen
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.