Commitment of Traders: Professionals -9.1% (short)
Professionals increased their Short positions this week by almost 3%. The Commitment of Traders reading is -9.1% of total open interest, up from -6.3% last week.
The Large contract (e.g. SP) professionals are still more bearish that the Mini (e.g. ES) contract Professionals with the difference standing at -7.2% (red line above).
Last week I said: "I'm waiting for a few weeks in a row with large increases in short positions before being convinced that this market is going to turn." This week's activity counts as one of those weeks.
Commitment of Traders: Oscillator +117
The Commitment of Traders Oscillator rose from +77 to +117 this week. We're now firmly in the over-bought region but not turned quite yet.
US Dollar Index: Commitment of Traders
US Dollar Index: Professionals +40.0% (long) and Oscillator -75
Professionals maintained their Long positions on the US Dollar this week. The net Long position reading stands at +40.0%, almost exactly the same as last week.
The US Dollar Commitment of Traders Oscillator fell from -42 to -75 this week. We're in the buy zone now but not quite over-sold yet. Still maintaining my view from last week: "So much bearishness about, I think money managers are going to be surprised when the US Dollar strengthens."
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.