Latest Commitment of Trader analysis.
Commitment of Traders: Professionals -16.9% (short)
This week the Professionals added a little to their net Short positions, now -16.9% of total open interest. This is down from a high of -18.5% five weeks ago.
The SP (large contract) Professionals are still more bearish than the ES (mini contract) Professionals, with the red line in the chart above at -17.7%. Back testing shows the SP Professionals are a more reliable indicator of market direction.
Commitment of Traders: Oscillator +73
The Commitment of Traders Oscillator is now on its way down but ticked back up this week to +73. I’m not particularly worried about this but expect a down swing to get underway this week.
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.