Commitment of Traders (COT) Report: S&P 500
The number of traders net-long is 3.40% higher than yesterday and 31.49% higher from last week, while the number of traders net-short is 4.08% lower than yesterday and 8.06% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests S&P 500 prices may continue to rise.
Positioning is less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed S&P 500 trading bias.
The number of Institutional traders net-long is 34.3%, while the number of net-short is and 18.9%. And unwinding of potions are happening at both sides, however a bit higher unwinding is seen at shorts.
As Institutional are still net-long in the overall market, and on the daily chart we are still in uptrend. As a long as S&P500 remains above 3000 prices may continue to rise.