COT Stock Market Charts: Speculator Bets led by S&P500-Mini & DowJones-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/2023/12/COT-Stock-Futures-Open-Interest-Comparison.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-216889" src="https://investmacro.com/wp-content/uploads/2023/12/COT-Stock-Futures-Open-Interest-Comparison.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/12/COT-Stock-Futures-Open-Interest-Comparison.png 559w, https://investmacro.com/wp-content/uploads/2023/12/COT-Stock-Futures-Open-Interest-Comparison-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/12/COT-Stock-Futures-Open-Interest-Comparison-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 28th</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 S&P500-Mini & DowJones-Mini</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Futures-Speculator-Net-Position-Changes.png"><img data-dominant-color="0b0f15" data-has-transparency="true" style="–dominant-color: #0b0f15;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-216890" src="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Futures-Speculator-Net-Position-Changes.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Futures-Speculator-Net-Position-Changes.png 559w, https://investmacro.com/wp-content/uploads/2023/12/Stocks-Futures-Speculator-Net-Position-Changes-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Stocks-Futures-Speculator-Net-Position-Changes-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 higher this week as four out of the seven stock markets we cover had higher positioning while the other three markets had lower speculator contracts.</p>
<p>Leading the gains for the stock markets was the S&P500-Mini (15,053 contracts) with the DowJones-Mini (9,700 contracts), the Nasdaq-Mini (2,234 contracts) and the Russell-Mini (1,753 contracts) also showing positive weeks.</p>
<p>The markets with the declines in speculator bets this week were the MSCI EAFE-Mini (-3,786 contracts), the VIX (-105 contracts) and the Nikkei 225 (-121 contracts) also registering 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-28-2023</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>2,279,894</td>
<td>28</td>
<td>-65,027</td>
<td>55</td>
<td>21,959</td>
<td>43</td>
<td>43,068</td>
<td>54</td>
</tr>
<tr>
<td>Nikkei 225</td>
<td>17,204</td>
<td>43</td>
<td>-2,360</td>
<td>50</td>
<td>1,504</td>
<td>45</td>
<td>856</td>
<td>39</td>
</tr>
<tr>
<td>Nasdaq-Mini</td>
<td>293,315</td>
<td>75</td>
<td>7,278</td>
<td>50</td>
<td>-10,902</td>
<td>31</td>
<td>3,624</td>
<td>81</td>
</tr>
<tr>
<td>DowJones-Mini</td>
<td>98,357</td>
<td>61</td>
<td>-24,608</td>
<td>27</td>
<td>29,427</td>
<td>78</td>
<td>-4,819</td>
<td>20</td>
</tr>
<tr>
<td>VIX</td>
<td>390,752</td>
<td>67</td>
<td>-47,536</td>
<td>78</td>
<td>48,576</td>
<td>19</td>
<td>-1,040</td>
<td>91</td>
</tr>
<tr>
<td>Nikkei 225 Yen</td>
<td>65,679</td>
<td>65</td>
<td>15,065</td>
<td>81</td>
<td>4,801</td>
<td>24</td>
<td>-19,866</td>
<td>43</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h2>Strength Scores led by the VIX</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png"><img data-dominant-color="18253b" data-has-transparency="true" style="–dominant-color: #18253b;" loading="lazy" decoding="async" class="has-transparency aligncenter size-full wp-image-216891" src="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png" alt="" width="571" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png 571w, https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-160×97.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-150×91.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 (78 percent) leads the stock markets this week. The S&P500-Mini (55 percent) and the Nikkei 225 (50 percent) come in as the next highest in the weekly strength scores.</p>
<p>On the downside, the MSCI EAFE-Mini (2 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength score is the DowJones-Mini (27 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
VIX (77.5 percent) vs VIX previous week (77.6 percent)<br />
S&P500-Mini (55.0 percent) vs S&P500-Mini previous week (52.8 percent)<br />
DowJones-Mini (26.9 percent) vs DowJones-Mini previous week (6.0 percent)<br />
Nasdaq-Mini (50.1 percent) vs Nasdaq-Mini previous week (46.7 percent)<br />
Russell2000-Mini (42.1 percent) vs Russell2000-Mini previous week (41.0 percent)<br />
Nikkei USD (49.8 percent) vs Nikkei USD previous week (50.7 percent)<br />
EAFE-Mini (2.0 percent) vs EAFE-Mini previous week (5.4 percent)</p>
<p> </p>
<h2>DowJones-Mini tops the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Score-Trends-6-Weeks.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-216892" src="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png" alt="" width="551" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png 551w, https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Score-Trends-6-Weeks-160×100.png 160w, https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Score-Trends-6-Weeks-150×94.png 150w, https://investmacro.com/wp-content/uploads/2023/12/Stocks-Speculator-Strength-Score-Trends-6-Weeks-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 DowJones-Mini (23 percent) leads the past six weeks trends for the stock markets.</p>
<p>The MSCI EAFE-Mini (-31 percent) leads the downside trend scores currently with the VIX (-16 percent) coming in as the next market with lower trend scores.</p>
<p align="center"><strong>Strength Trend Statistics:</strong><br />
VIX (-16.5 percent) vs VIX previous week (-21.9 percent)<br />
S&P500-Mini (-0.3 percent) vs S&P500-Mini previous week (2.1 percent)<br />
DowJones-Mini (22.9 percent) vs DowJones-Mini previous week (0.7 percent)<br />
Nasdaq-Mini (-10.9 percent) vs Nasdaq-Mini previous week (-4.3 percent)<br />
Russell2000-Mini (-6.6 percent) vs Russell2000-Mini previous week (6.1 percent)<br />
Nikkei USD (-0.7 percent) vs Nikkei USD previous week (-4.5 percent)<br />
EAFE-Mini (-30.9 percent) vs EAFE-Mini previous week (-28.4 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/2023/12/VIX-12-01-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/VIX-12-01-2023.png" alt="VIX Volatility Futures COT Chart" width="720" height="660" /></a>The VIX Volatility large speculator standing this week resulted in a net position of -47,536 contracts in the data reported through Tuesday. This was a weekly decrease of -105 contracts from the previous week which had a total of -47,431 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 77.5 percent. The commercials are Bearish-Extreme with a score of 19.5 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 91.1 percent.</p>
<h3>Price Trend-Following Model: Weak Uptrend (Possible Trend Change)</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">23.1</td>
<td width="189">48.9</td>
<td width="187">6.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">35.3</td>
<td width="189">36.5</td>
<td width="187">7.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-47,536</td>
<td width="189">48,576</td>
<td width="187">-1,040</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">90,304</td>
<td width="189">191,025</td>
<td width="187">26,270</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">137,840</td>
<td width="189">142,449</td>
<td width="187">27,310</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">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">77.5</td>
<td width="189">19.5</td>
<td width="187">91.1</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-Extreme</strong></td>
<td width="187"><strong>Bullish-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">-16.5</td>
<td width="189">11.2</td>
<td width="187">38.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>S&P500 Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/ES-12-01-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/ES-12-01-2023.png" alt="SP500 Mini Futures COT Chart" width="720" height="660" /></a>The S&P500 Mini large speculator standing this week resulted in a net position of -65,027 contracts in the data reported through Tuesday. This was a weekly lift of 15,053 contracts from the previous week which had a total of -80,080 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 55.0 percent. The commercials are Bearish with a score of 42.9 percent and the small traders (not shown in chart) are Bullish with a score of 54.3 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend (Possible Trend Change)</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">12.4</td>
<td width="189">73.3</td>
<td width="187">11.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">15.2</td>
<td width="189">72.3</td>
<td width="187">9.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-65,027</td>
<td width="189">21,959</td>
<td width="187">43,068</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">281,709</td>
<td width="189">1,671,401</td>
<td width="187">258,805</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">346,736</td>
<td width="189">1,649,442</td>
<td width="187">215,737</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">55.0</td>
<td width="189">42.9</td>
<td width="187">54.3</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">-0.3</td>
<td width="189">-2.9</td>
<td width="187">9.1</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Dow Jones Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/YM-12-01-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/YM-12-01-2023.png" alt="Dow Jones Mini Futures COT Chart" width="720" height="660" /></a>The Dow Jones Mini large speculator standing this week resulted in a net position of -24,608 contracts in the data reported through Tuesday. This was a weekly advance of 9,700 contracts from the previous week which had a total of -34,308 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 26.9 percent. The commercials are Bullish with a score of 77.8 percent and the small traders (not shown in chart) are Bearish with a score of 20.4 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend (Possible Trend Change)</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">22.6</td>
<td width="189">65.0</td>
<td width="187">11.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">47.6</td>
<td width="189">35.1</td>
<td width="187">16.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-24,608</td>
<td width="189">29,427</td>
<td width="187">-4,819</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">22,196</td>
<td width="189">63,963</td>
<td width="187">11,679</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">46,804</td>
<td width="189">34,536</td>
<td width="187">16,498</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.5 to 1</td>
<td width="189">1.9 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">26.9</td>
<td width="189">77.8</td>
<td width="187">20.4</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</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">22.9</td>
<td width="189">-18.3</td>
<td width="187">1.1</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Nasdaq Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/NQ-12-01-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/NQ-12-01-2023.png" alt="Nasdaq Mini Futures COT Chart" width="720" height="660" /></a>The Nasdaq Mini large speculator standing this week resulted in a net position of 7,278 contracts in the data reported through Tuesday. This was a weekly gain of 2,234 contracts from the previous week which had a total of 5,044 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 50.1 percent. The commercials are Bearish with a score of 30.8 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 81.4 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>New Buy – Long 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">26.8</td>
<td width="189">56.7</td>
<td width="187">14.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">24.4</td>
<td width="189">60.4</td>
<td width="187">13.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">7,278</td>
<td width="189">-10,902</td>
<td width="187">3,624</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">78,702</td>
<td width="189">166,329</td>
<td width="187">42,502</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">71,424</td>
<td width="189">177,231</td>
<td width="187">38,878</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.1 to 1</td>
<td width="189">0.9 to 1</td>
<td width="187">1.1 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">50.1</td>
<td width="189">30.8</td>
<td width="187">81.4</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-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">-10.9</td>
<td width="189">1.5</td>
<td width="187">15.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Russell 2000 Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/ER2-12-01-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/ER2-12-01-2023.png" alt="Russell 2000 Mini Futures COT Chart" width="720" height="660" /></a>The Russell 2000 Mini large speculator standing this week resulted in a net position of -55,493 contracts in the data reported through Tuesday. This was a weekly increase of 1,753 contracts from the previous week which had a total of -57,246 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 42.1 percent. The commercials are Bullish with a score of 58.4 percent and the small traders (not shown in chart) are Bearish with a score of 36.9 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">13.7</td>
<td width="189">80.6</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.7</td>
<td width="189">71.1</td>
<td width="187">4.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-55,493</td>
<td width="189">52,149</td>
<td width="187">3,344</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">75,264</td>
<td width="189">444,001</td>
<td width="187">26,746</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">130,757</td>
<td width="189">391,852</td>
<td width="187">23,402</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.6 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">1.1 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">42.1</td>
<td width="189">58.4</td>
<td width="187">36.9</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</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">-6.6</td>
<td width="189">0.9</td>
<td width="187">26.0</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/2023/12/NKD-12-01-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/NKD-12-01-2023.png" alt="Nikkei Stock Average (USD) Futures COT Chart" width="720" height="660" /></a>The Nikkei Stock Average (USD) large speculator standing this week resulted in a net position of -2,360 contracts in the data reported through Tuesday. This was a weekly fall of -121 contracts from the previous week which had a total of -2,239 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 49.8 percent. The commercials are Bearish with a score of 45.0 percent and the small traders (not shown in chart) are Bearish with a score of 39.1 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">13.1</td>
<td width="189">65.1</td>
<td width="187">21.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">26.8</td>
<td width="189">56.4</td>
<td width="187">16.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-2,360</td>
<td width="189">1,504</td>
<td width="187">856</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">2,250</td>
<td width="189">11,204</td>
<td width="187">3,693</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,610</td>
<td width="189">9,700</td>
<td width="187">2,837</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">1.3 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">49.8</td>
<td width="189">45.0</td>
<td width="187">39.1</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">-0.7</td>
<td width="189">1.3</td>
<td width="187">-1.4</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>MSCI EAFE Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/12/EMI-12-01-2023.png"><img loading="lazy" decoding="async" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/12/EMI-12-01-2023.png" alt="MSCI EAFE Mini Futures COT Chart" width="720" height="660" /></a>The MSCI EAFE Mini large speculator standing this week resulted in a net position of -62,032 contracts in the data reported through Tuesday. This was a weekly reduction of -3,786 contracts from the previous week which had a total of -58,246 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 2.0 percent. The commercials are Bullish-Extreme with a score of 96.1 percent and the small traders (not shown in chart) are Bearish with a score of 40.9 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">4.8</td>
<td width="189">91.4</td>
<td width="187">3.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">20.0</td>
<td width="189">77.3</td>
<td width="187">1.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-62,032</td>
<td width="189">57,252</td>
<td width="187">4,780</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">19,593</td>
<td width="189">372,693</td>
<td width="187">12,373</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">81,625</td>
<td width="189">315,441</td>
<td width="187">7,593</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">1.6 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">2.0</td>
<td width="189">96.1</td>
<td width="187">40.9</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">-30.9</td>
<td width="189">29.2</td>
<td width="187">11.4</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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