COT Stock Market Charts: Speculator Bets led by Russell-Mini & S&P500-Mini
<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison-1.png"><img data-dominant-color="463717" data-has-transparency="true" style="–dominant-color: #463717;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-216681" src="https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison-1.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison-1.png 559w, https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison-1-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison-1-150×93.png 150w" sizes="(max-width: 559px) 100vw, 559px" /></a></p>
<p>Here are the latest charts and statistics for the <a href="https://www.investmacro.com/cot/">Commitment of Traders (COT)</a> data published by the Commodities Futures Trading Commission (CFTC).</p>
<p>The latest COT data is updated through <b>Tuesday November 14th</b> and shows a quick view of how large traders (<a href="https://investmacro.com/cot-reports/">for-profit speculators</a> and commercial entities) were positioned in the futures markets.</p>
<h2>Weekly Speculator Changes led by Russell-Mini & S&P500-Mini</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes-1.png"><img data-dominant-color="0c0f16" data-has-transparency="true" style="–dominant-color: #0c0f16;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-216678" src="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes-1.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes-1.png 559w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes-1-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes-1-150×93.png 150w" sizes="(max-width: 559px) 100vw, 559px" /></a></p>
<p>The COT <a href="https://investmacro.com/stock-market-news/">stock markets</a> speculator bets were lower this week as three out of the seven stock markets we cover had higher positioning while the other four markets had lower speculator contracts.</p>
<p>Leading the gains for the stock markets was the Russell-Mini (7,001 contracts) with the S&P500-Mini (588 contracts) and the DowJones-Mini (563 contracts) also having a positive week.</p>
<p>The markets with the declines in speculator bets this week were the Nasdaq-Mini (-15,980 contracts), the VIX (-9,879 contracts), the MSCI EAFE-Mini (-5,972 contracts) and the Nikkei 225 (-29 contracts) also seeing lower bets on the week.</p>
<hr />
<div>Data Snapshot of Stock Market Traders | <a href="https://www.investmacro.com/wp-content/uploads/2021/04/Data_Tables_Labels-2.png"><u>Columns Legend</u></a></div>
<div>
<table border="1">
<thead>
<tr>
<th>Nov-14-2023</th>
<th>OI</th>
<th>OI-Index</th>
<th>Spec-Net</th>
<th>Spec-Index</th>
<th>Com-Net</th>
<th>COM-Index</th>
<th>Smalls-Net</th>
<th>Smalls-Index</th>
</tr>
</thead>
<tbody>
<tr>
<td>S&P500-Mini</td>
<td>2,192,899</td>
<td>20</td>
<td>-52,833</td>
<td>57</td>
<td>11,057</td>
<td>41</td>
<td>41,776</td>
<td>54</td>
</tr>
<tr>
<td>Nikkei 225</td>
<td>16,210</td>
<td>37</td>
<td>-2,587</td>
<td>48</td>
<td>1,890</td>
<td>47</td>
<td>697</td>
<td>37</td>
</tr>
<tr>
<td>Nasdaq-Mini</td>
<td>273,787</td>
<td>58</td>
<td>315</td>
<td>39</td>
<td>-2,032</td>
<td>42</td>
<td>1,717</td>
<td>77</td>
</tr>
<tr>
<td>DowJones-Mini</td>
<td>101,030</td>
<td>65</td>
<td>-36,513</td>
<td>1</td>
<td>41,796</td>
<td>99</td>
<td>-5,283</td>
<td>18</td>
</tr>
<tr>
<td>VIX</td>
<td>415,124</td>
<td>80</td>
<td>-42,928</td>
<td>81</td>
<td>46,627</td>
<td>18</td>
<td>-3,699</td>
<td>78</td>
</tr>
<tr>
<td>Nikkei 225 Yen</td>
<td>66,736</td>
<td>67</td>
<td>15,047</td>
<td>81</td>
<td>6,445</td>
<td>29</td>
<td>-21,492</td>
<td>38</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h2>Strength Scores led by VIX & S&P500-Mini</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-1.png"><img data-dominant-color="172236" data-has-transparency="true" style="–dominant-color: #172236;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-216679" src="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-1.png" alt="" width="571" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-1.png 571w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-1-160×97.png 160w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-1-150×91.png 150w" sizes="(max-width: 571px) 100vw, 571px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Scores</a> (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that the VIX (81 percent) and the S&P500-Mini (57 percent) lead the stock markets this week. The Nikkei 225 (48 percent) comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, the MSCI EAFE-Mini (0 percent) and the DowJones-Mini (1 percent) come in at the lowest strength level currently and are in Extreme-Bearish territory (below 20 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
VIX (80.6 percent) vs VIX previous week (87.2 percent)<br />
S&P500-Mini (56.9 percent) vs S&P500-Mini previous week (56.8 percent)<br />
DowJones-Mini (1.2 percent) vs DowJones-Mini previous week (0.0 percent)<br />
Nasdaq-Mini (39.4 percent) vs Nasdaq-Mini previous week (64.0 percent)<br />
Russell2000-Mini (32.6 percent) vs Russell2000-Mini previous week (28.4 percent)<br />
Nikkei USD (48.2 percent) vs Nikkei USD previous week (48.4 percent)<br />
EAFE-Mini (0.0 percent) vs EAFE-Mini previous week (5.5 percent)</p>
<p> </p>
<h2>S&P500-Mini tops the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-1.png"><img data-dominant-color="191011" data-has-transparency="true" style="–dominant-color: #191011;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-216680" src="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-1.png" alt="" width="551" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-1.png 551w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-1-160×100.png 160w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-1-150×94.png 150w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-1-400×250.png 400w" sizes="(max-width: 551px) 100vw, 551px" /></a></p>
<p><a href="https://investmacro.com/cot-leaders/#specs">COT Strength Score Trends</a> (or move index, calculates the 6-week changes in strength scores) showed that the S&P500-Mini (3 percent) leads the past six weeks trends for the stock markets.</p>
<p>The MSCI EAFE-Mini (-41 percent) leads the downside trend scores currently with the Nikkei 225 (-18 percent) coming in as the next market with lower trend scores.</p>
<p align="center"><strong>Strength Trend Statistics:</strong><br />
VIX (-5.9 percent) vs VIX previous week (13.3 percent)<br />
S&P500-Mini (3.0 percent) vs S&P500-Mini previous week (5.3 percent)<br />
DowJones-Mini (-8.8 percent) vs DowJones-Mini previous week (-33.4 percent)<br />
Nasdaq-Mini (-1.7 percent) vs Nasdaq-Mini previous week (23.8 percent)<br />
Russell2000-Mini (-1.4 percent) vs Russell2000-Mini previous week (-6.6 percent)<br />
Nikkei USD (-18.0 percent) vs Nikkei USD previous week (-13.8 percent)<br />
EAFE-Mini (-41.3 percent) vs EAFE-Mini previous week (-30.0 percent)</p>
<hr />
<h5>Individual Stock Market Charts:</h5>
<h3><strong>VIX Volatility Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/VIX-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/VIX-11-17-2023.png" alt="VIX Volatility Futures COT Chart" width="720" height="660" /></a>The VIX Volatility large speculator standing this week recorded a net position of -42,928 contracts in the data reported through Tuesday. This was a weekly decline of -9,879 contracts from the previous week which had a total of -33,049 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 80.6 percent. The commercials are Bearish-Extreme with a score of 18.2 percent and the small traders (not shown in chart) are Bullish with a score of 77.6 percent.</p>
<h3>Price Trend-Following Model: Weak Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>VIX Volatility Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">22.7</td>
<td width="189">50.1</td>
<td width="187">5.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">33.1</td>
<td width="189">38.8</td>
<td width="187">6.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-42,928</td>
<td width="189">46,627</td>
<td width="187">-3,699</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">94,375</td>
<td width="189">207,847</td>
<td width="187">22,934</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">137,303</td>
<td width="189">161,220</td>
<td width="187">26,633</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.3 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">80.6</td>
<td width="189">18.2</td>
<td width="187">77.6</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish-Extreme</strong></td>
<td width="189"><strong>Bearish-Extreme</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-5.9</td>
<td width="189">4.0</td>
<td width="187">13.5</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>S&P500 Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/ES-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/ES-11-17-2023.png" alt="SP500 Mini Futures COT Chart" width="720" height="660" /></a>The S&P500 Mini large speculator standing this week recorded a net position of -52,833 contracts in the data reported through Tuesday. This was a weekly advance of 588 contracts from the previous week which had a total of -53,421 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 56.9 percent. The commercials are Bearish with a score of 41.4 percent and the small traders (not shown in chart) are Bullish with a score of 53.8 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>S&P500 Mini Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">12.5</td>
<td width="189">72.7</td>
<td width="187">12.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">14.9</td>
<td width="189">72.2</td>
<td width="187">10.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-52,833</td>
<td width="189">11,057</td>
<td width="187">41,776</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">274,348</td>
<td width="189">1,593,850</td>
<td width="187">262,981</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">327,181</td>
<td width="189">1,582,793</td>
<td width="187">221,205</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.8 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">1.2 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">56.9</td>
<td width="189">41.4</td>
<td width="187">53.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">3.0</td>
<td width="189">-4.8</td>
<td width="187">5.8</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Dow Jones Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/YM-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/YM-11-17-2023.png" alt="Dow Jones Mini Futures COT Chart" width="720" height="660" /></a>The Dow Jones Mini large speculator standing this week recorded a net position of -36,513 contracts in the data reported through Tuesday. This was a weekly advance of 563 contracts from the previous week which had a total of -37,076 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 1.2 percent. The commercials are Bullish-Extreme with a score of 98.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 18.1 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Dow Jones Mini Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">20.7</td>
<td width="189">66.7</td>
<td width="187">10.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">56.8</td>
<td width="189">25.3</td>
<td width="187">15.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-36,513</td>
<td width="189">41,796</td>
<td width="187">-5,283</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">20,914</td>
<td width="189">67,381</td>
<td width="187">10,795</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">57,427</td>
<td width="189">25,585</td>
<td width="187">16,078</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.4 to 1</td>
<td width="189">2.6 to 1</td>
<td width="187">0.7 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">1.2</td>
<td width="189">98.7</td>
<td width="187">18.1</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bearish-Extreme</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-8.8</td>
<td width="189">20.7</td>
<td width="187">-39.9</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Nasdaq Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/NQ-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/NQ-11-17-2023.png" alt="Nasdaq Mini Futures COT Chart" width="720" height="660" /></a>The Nasdaq Mini large speculator standing this week recorded a net position of 315 contracts in the data reported through Tuesday. This was a weekly reduction of -15,980 contracts from the previous week which had a total of 16,295 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 39.4 percent. The commercials are Bearish with a score of 42.1 percent and the small traders (not shown in chart) are Bullish with a score of 76.6 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Nasdaq Mini Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">25.4</td>
<td width="189">57.7</td>
<td width="187">14.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">25.3</td>
<td width="189">58.5</td>
<td width="187">13.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">315</td>
<td width="189">-2,032</td>
<td width="187">1,717</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">69,502</td>
<td width="189">158,039</td>
<td width="187">39,612</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">69,187</td>
<td width="189">160,071</td>
<td width="187">37,895</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.0 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">1.0 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">39.4</td>
<td width="189">42.1</td>
<td width="187">76.6</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-1.7</td>
<td width="189">-4.7</td>
<td width="187">12.1</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Russell 2000 Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/ER2-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/ER2-11-17-2023.png" alt="Russell 2000 Mini Futures COT Chart" width="720" height="660" /></a>The Russell 2000 Mini large speculator standing this week recorded a net position of -65,566 contracts in the data reported through Tuesday. This was a weekly lift of 7,001 contracts from the previous week which had a total of -72,567 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 32.6 percent. The commercials are Bullish with a score of 69.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 16.5 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Russell 2000 Mini Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">14.1</td>
<td width="189">80.7</td>
<td width="187">4.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">25.9</td>
<td width="189">68.2</td>
<td width="187">4.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-65,566</td>
<td width="189">68,821</td>
<td width="187">-3,255</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">77,725</td>
<td width="189">445,804</td>
<td width="187">22,861</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">143,291</td>
<td width="189">376,983</td>
<td width="187">26,116</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.5 to 1</td>
<td width="189">1.2 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">32.6</td>
<td width="189">69.1</td>
<td width="187">16.5</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish-Extreme</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-1.4</td>
<td width="189">3.6</td>
<td width="187">-12.8</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Nikkei Stock Average (USD) Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/NKD-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/NKD-11-17-2023.png" alt="Nikkei Stock Average (USD) Futures COT Chart" width="720" height="660" /></a>The Nikkei Stock Average (USD) large speculator standing this week recorded a net position of -2,587 contracts in the data reported through Tuesday. This was a weekly decrease of -29 contracts from the previous week which had a total of -2,558 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 48.2 percent. The commercials are Bearish with a score of 47.4 percent and the small traders (not shown in chart) are Bearish with a score of 37.1 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Nikkei Stock Average Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">7.9</td>
<td width="189">68.9</td>
<td width="187">22.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.9</td>
<td width="189">57.2</td>
<td width="187">18.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-2,587</td>
<td width="189">1,890</td>
<td width="187">697</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,287</td>
<td width="189">11,162</td>
<td width="187">3,716</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">3,874</td>
<td width="189">9,272</td>
<td width="187">3,019</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">1.2 to 1</td>
<td width="187">1.2 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">48.2</td>
<td width="189">47.4</td>
<td width="187">37.1</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-18.0</td>
<td width="189">17.9</td>
<td width="187">-5.1</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>MSCI EAFE Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/EMI-11-17-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/EMI-11-17-2023.png" alt="MSCI EAFE Mini Futures COT Chart" width="720" height="660" /></a>The MSCI EAFE Mini large speculator standing this week recorded a net position of -64,174 contracts in the data reported through Tuesday. This was a weekly reduction of -5,972 contracts from the previous week which had a total of -58,202 net contracts.</p>
<p>This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 30.8 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>MSCI EAFE Mini Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">4.9</td>
<td width="189">91.9</td>
<td width="187">2.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">21.1</td>
<td width="189">76.3</td>
<td width="187">1.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-64,174</td>
<td width="189">61,412</td>
<td width="187">2,762</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">19,177</td>
<td width="189">362,575</td>
<td width="187">9,791</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">83,351</td>
<td width="189">301,163</td>
<td width="187">7,029</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.2 to 1</td>
<td width="189">1.2 to 1</td>
<td width="187">1.4 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">0.0</td>
<td width="189">100.0</td>
<td width="187">30.8</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-41.3</td>
<td width="189">41.8</td>
<td width="187">-3.9</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<p>Article <strong>By InvestMacro</strong> – <b>Receive our weekly <a href="https://investmacro.com/cot-newsletter/">COT Newsletter</a></b></p>
<p><strong>*</strong><a href="https://www.investmacro.com/cot-reports/">COT Report</a>: The <a href="https://investmacro.com/cot-data/">COT data</a>, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.</p>
<p>The CFTC categorizes trader positions according to <a href="https://investmacro.com/cot-reports/">commercial hedgers</a> (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their <a href="https://investmacro.com/open-interest-analysis/">open interest</a> (contracts open in the market at time of reporting). See CFTC criteria <a href="https://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm">here</a>.</p>
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