The latest Commitment of Traders data shows the Professionals are becoming less bearish.
Commitment of Traders: Professionals -8.2% (short)
The picture appears to be becoming clearer with the release of this week’s data. Professionals continued to reduce their Short positions and their net Short positions have now dropped to -8.2% of total open interest.
Commitment of Traders: Oscillator -39
The Commitment of Traders Oscillator continued to rise this week and has now reached -39. We’re still at a critical support level around 800. The market appears to be in no hurry to rally and so this week will be critical.
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.