📈 Indices Futures Positioning
CFTC weekly report · Report Date: 2026-03-17
E-Mini S&P 500 Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling E-Mini S&P 500 into speculator demand. Open interest surging — unusual volume.
Spec:
-113,057
(+21,448)
·
Comm:
19,120
3Y Percentile
50%
Latest Week
Speculator Net
-113,057
Commercial Net
19,120
Small Trader Net
93,937
Long/Short Ratio
0.65
Open Interest
2,330,659
Total Traders
449
Micro E-Mini S&P 500 Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Micro E-Mini S&P 500 while speculators exit — smart money positioning bullish.
Spec:
5,053
(+21,753)
·
Comm:
58,827
3Y Percentile
40%
Latest Week
Speculator Net
5,053
Commercial Net
58,827
Small Trader Net
-63,880
Long/Short Ratio
1.06
Open Interest
290,614
Total Traders
42
NASDAQ Mini Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating NASDAQ Mini while speculators exit — smart money positioning bullish. Open interest surging — unusual volume.
Spec:
24,082
(-847)
·
Comm:
-27,334
3Y Percentile
68%
Latest Week
Speculator Net
24,082
Commercial Net
-27,334
Small Trader Net
3,252
Long/Short Ratio
1.45
Open Interest
300,943
Total Traders
271
Micro E-Mini NASDAQ Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Micro E-Mini NASDAQ while speculators exit — smart money positioning bullish.
Spec:
-31,411
(+592)
·
Comm:
23,978
3Y Percentile
17%
Latest Week
Speculator Net
-31,411
Commercial Net
23,978
Small Trader Net
7,433
Long/Short Ratio
0.71
Open Interest
170,606
Total Traders
57
Russell 2000 Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Russell 2000 while speculators exit — smart money positioning bullish. Open interest surging — unusual volume.
Spec:
-33,508
(-5,870)
·
Comm:
31,973
3Y Percentile
49%
Latest Week
Speculator Net
-33,508
Commercial Net
31,973
Small Trader Net
1,535
Long/Short Ratio
0.65
Open Interest
481,226
Total Traders
344
DJIA Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling DJIA into speculator demand. Open interest surging — unusual volume.
Spec:
-720
(+1,396)
·
Comm:
-2,367
3Y Percentile
40%
Latest Week
Speculator Net
-720
Commercial Net
-2,367
Small Trader Net
3,087
Long/Short Ratio
0.95
Open Interest
91,467
Total Traders
76
S&P MidCap 400 Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling S&P MidCap 400 into speculator demand.
Spec:
5,802
(+1,002)
·
Comm:
-9,053
3Y Percentile
89%
Latest Week
Speculator Net
5,802
Commercial Net
-9,053
Small Trader Net
3,251
Long/Short Ratio
3.31
Open Interest
45,515
Total Traders
73
Nikkei 225 Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling Nikkei 225 into speculator demand. Open interest collapsing — unusual volume.
Spec:
9,114
(+7,939)
·
Comm:
3,986
3Y Percentile
72%
Latest Week
Speculator Net
9,114
Commercial Net
3,986
Small Trader Net
-13,100
Long/Short Ratio
5.27
Open Interest
30,654
Total Traders
35
VIX Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling VIX into speculator demand.
Spec:
-46,401
(-3,566)
·
Comm:
42,662
3Y Percentile
48%
Latest Week
Speculator Net
-46,401
Commercial Net
42,662
Small Trader Net
3,739
Long/Short Ratio
0.66
Open Interest
390,595
Total Traders
202
MSCI EM Index Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling MSCI EM Index into speculator demand.
Spec:
53,129
(-5,922)
·
Comm:
-75,139
3Y Percentile
45%
Latest Week
Speculator Net
53,129
Commercial Net
-75,139
Small Trader Net
22,010
Long/Short Ratio
1.55
Open Interest
1,371,602
Total Traders
410
MSCI EAFE Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating MSCI EAFE while speculators exit — smart money positioning bullish. Open interest surging — unusual volume.
Spec:
5,760
(-16,124)
·
Comm:
-14,729
3Y Percentile
81%
Latest Week
Speculator Net
5,760
Commercial Net
-14,729
Small Trader Net
8,969
Long/Short Ratio
1.13
Open Interest
578,222
Total Traders
206
Bloomberg Commodity Index Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Bloomberg Commodity Index while speculators exit — smart money positioning bullish.
Spec:
-12,614
(+398)
·
Comm:
12,114
3Y Percentile
21%
Latest Week
Speculator Net
-12,614
Commercial Net
12,114
Small Trader Net
500
Long/Short Ratio
0.83
Open Interest
210,539
Total Traders
79
How to Read COT Data
Speculators (Non-Commercial)
Hedge funds, CTAs, and momentum traders. They follow trends and amplify moves. When their positioning reaches extremes, it often signals the trend is crowded and vulnerable to reversal.
Commercials (Hedgers)
Producers, refiners, and consumers who use futures to hedge their business. They tend to be contrarian — selling into rallies and buying dips. At extremes, they're historically on the right side.
The Percentile Bar
Shows where current speculator positioning ranks vs. the past 3 years. Above 80% = historically bullish, below 20% = historically bearish. Extremes (top/bottom 10%) are the highest-signal readings.
What To Watch For
The best signals come from extreme positioning + divergence: when speculators are max long but commercials are max short, it often precedes a reversal. The weekly change shows who's adding or liquidating.
Source: U.S. Commodity Futures Trading Commission (CFTC) Commitments of Traders reports. Data is published weekly with a 3-day lag.