Here are the latest Commitment of Traders charts for Emini traders:
This week's Commitment of Traders reading is -1.6%
Professional net short positions now make up 1.6% of total open interest in all stock index futures. This is a drop of 4.8% from last week, as professionals bought back short positions after last week's fall. Historically, this is a very bullish level for commitment of traders data but check out the oscillator below for timing market entry.
This week's Commitment of Traders Oscillator reading is -48
Cyan (light blue) dot = Low turning point; Red dot = High turning point
The oscillator is now below zero and in the "look for buying opportunities" zone. However, the oscillator was below last week's reading and has not turned up yet. There might still be some weakness in the Emini this coming week and a test of the 1,383 low.
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.