COT Stock Market Charts: Speculator Bets led by VIX & Russell 2000-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.png"><img data-dominant-color="473717" data-has-transparency="true" style="–dominant-color: #473717;" decoding="async" fetchpriority="high" class="has-transparency aligncenter size-full wp-image-216407" src="https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison.png 559w, https://investmacro.com/wp-content/uploads/2023/11/COT-Stock-Futures-Open-Interest-Comparison-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/11/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 October 31th</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 VIX &amp; Russell-Mini</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes.png"><img data-dominant-color="0a0c10" data-has-transparency="true" style="–dominant-color: #0a0c10;" decoding="async" class="has-transparency aligncenter size-full wp-image-216408" src="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes.png 559w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Futures-Speculator-Net-Position-Changes-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/11/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 VIX (7,615 contracts) with the Russell-Mini (4,744 contracts), the Nasdaq-Mini (4,040 contracts) and the Nikkei 225 (253 contracts) also showing positive weeks.</p>
<p>The markets with the declines in speculator bets this week were the MSCI EAFE-Mini (-14,986 contracts), the S&amp;P500-Mini (-5,848 contracts)and DowJones-Mini (-151 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>Oct-31-2023</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&amp;P500-Mini</td>
<td>2,174,689</td>
<td>18</td>
<td>4,337</td>
<td>65</td>
<td>-33,976</td>
<td>35</td>
<td>29,639</td>
<td>49</td>
</tr>
<tr>
<td>Nikkei 225</td>
<td>14,806</td>
<td>28</td>
<td>-1,875</td>
<td>53</td>
<td>1,084</td>
<td>42</td>
<td>791</td>
<td>38</td>
</tr>
<tr>
<td>Nasdaq-Mini</td>
<td>259,306</td>
<td>45</td>
<td>6,737</td>
<td>49</td>
<td>-6,592</td>
<td>36</td>
<td>-145</td>
<td>69</td>
</tr>
<tr>
<td>DowJones-Mini</td>
<td>103,936</td>
<td>70</td>
<td>-36,111</td>
<td>0</td>
<td>40,621</td>
<td>100</td>
<td>-4,510</td>
<td>22</td>
</tr>
<tr>
<td>VIX</td>
<td>353,533</td>
<td>49</td>
<td>-13,979</td>
<td>100</td>
<td>18,713</td>
<td>0</td>
<td>-4,734</td>
<td>72</td>
</tr>
<tr>
<td>Nikkei 225 Yen</td>
<td>54,580</td>
<td>44</td>
<td>4,776</td>
<td>49</td>
<td>9,666</td>
<td>37</td>
<td>-14,442</td>
<td>61</td>
</tr>
</tbody>
</table>
</div>
<p>&nbsp;</p>
<hr />
<h2>Strength Scores led by VIX &amp; S&amp;P500-Mini</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png"><img data-dominant-color="192840" data-has-transparency="true" style="–dominant-color: #192840;" decoding="async" class="has-transparency aligncenter size-full wp-image-216409" src="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png" alt="" width="571" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png 571w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-160×97.png 160w, https://investmacro.com/wp-content/uploads/2023/11/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 (100 percent) and the S&amp;P500-Mini (65 percent) lead the stock markets this week. The Nikkei 225 (53 percent) come in as the next highest in the weekly strength scores and above 50 percent.</p>
<p>On the downside, the DowJones-Mini (0 percent) and the MSCI EAFE-Mini (12 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 (100.0 percent) vs VIX previous week (94.9 percent)<br />
S&amp;P500-Mini (65.4 percent) vs S&amp;P500-Mini previous week (66.3 percent)<br />
DowJones-Mini (0.0 percent) vs DowJones-Mini previous week (0.3 percent)<br />
Nasdaq-Mini (49.3 percent) vs Nasdaq-Mini previous week (43.1 percent)<br />
Russell2000-Mini (48.3 percent) vs Russell2000-Mini previous week (45.5 percent)<br />
Nikkei USD (53.2 percent) vs Nikkei USD previous week (51.4 percent)<br />
EAFE-Mini (12.3 percent) vs EAFE-Mini previous week (26.7 percent)</p>
<p>&nbsp;</p>
<h2>S&amp;P500-Mini &amp; Russell-Mini top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png"><img data-dominant-color="1c1010" data-has-transparency="true" style="–dominant-color: #1c1010;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-216410" src="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png" alt="" width="551" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png 551w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-160×100.png 160w, https://investmacro.com/wp-content/uploads/2023/11/Stocks-Speculator-Strength-Score-Trends-6-Weeks-150×94.png 150w, https://investmacro.com/wp-content/uploads/2023/11/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 S&amp;P500-Mini (21 percent) leads the past six weeks trends for the stock markets. The Russell-Mini (14 percent), the VIX (10 percent) and the Nasdaq-Mini (5 percent) are the next highest positive movers in the latest trends data.</p>
<p>The DowJones-Mini (-40 percent) leads the downside trend scores currently with the MSCI EAFE-Mini (-15 percent) and the Nikkei USD (-10 percent) coming in next with lower trend scores.</p>
<p align="center"><strong>Strength Trend Statistics:</strong><br />
VIX (9.9 percent) vs VIX previous week (11.9 percent)<br />
S&amp;P500-Mini (21.4 percent) vs S&amp;P500-Mini previous week (18.9 percent)<br />
DowJones-Mini (-40.5 percent) vs DowJones-Mini previous week (-50.9 percent)<br />
Nasdaq-Mini (5.5 percent) vs Nasdaq-Mini previous week (-9.8 percent)<br />
Russell2000-Mini (14.5 percent) vs Russell2000-Mini previous week (11.7 percent)<br />
Nikkei USD (-10.3 percent) vs Nikkei USD previous week (-18.7 percent)<br />
EAFE-Mini (-14.7 percent) vs EAFE-Mini previous week (26.7 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-11-03-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/VIX-11-03-2023.png" alt="VIX Volatility Futures COT Chart" width="720" height="660" /></a>The VIX Volatility large speculator standing this week came in at a net position of -13,979 contracts in the data reported through Tuesday. This was a weekly increase of 7,615 contracts from the previous week which had a total of -21,594 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 100.0 percent. The commercials are Bearish-Extreme with a score of 0.0 percent and the small traders (not shown in chart) are Bullish with a score of 72.3 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">26.9</td>
<td width="189">45.3</td>
<td width="187">7.7</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">30.8</td>
<td width="189">40.0</td>
<td width="187">9.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-13,979</td>
<td width="189">18,713</td>
<td width="187">-4,734</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">95,012</td>
<td width="189">160,163</td>
<td width="187">27,346</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">108,991</td>
<td width="189">141,450</td>
<td width="187">32,080</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.9 to 1</td>
<td width="189">1.1 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">100.0</td>
<td width="189">0.0</td>
<td width="187">72.3</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">9.9</td>
<td width="189">-10.2</td>
<td width="187">4.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>S&amp;P500 Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/ES-11-03-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/ES-11-03-2023.png" alt="SP500 Mini Futures COT Chart" width="720" height="660" /></a>The S&amp;P500 Mini large speculator standing this week came in at a net position of 4,337 contracts in the data reported through Tuesday. This was a weekly decline of -5,848 contracts from the previous week which had a total of 10,185 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 65.4 percent. The commercials are Bearish with a score of 35.2 percent and the small traders (not shown in chart) are Bearish with a score of 49.0 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>S&amp;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">13.0</td>
<td width="189">72.0</td>
<td width="187">12.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">12.9</td>
<td width="189">73.6</td>
<td width="187">10.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">4,337</td>
<td width="189">-33,976</td>
<td width="187">29,639</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">283,793</td>
<td width="189">1,566,648</td>
<td width="187">260,265</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">279,456</td>
<td width="189">1,600,624</td>
<td width="187">230,626</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">1.1 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">65.4</td>
<td width="189">35.2</td>
<td width="187">49.0</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>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">21.4</td>
<td width="189">-21.9</td>
<td width="187">6.1</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Dow Jones Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/YM-11-03-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/YM-11-03-2023.png" alt="Dow Jones Mini Futures COT Chart" width="720" height="660" /></a>The Dow Jones Mini large speculator standing this week came in at a net position of -36,111 contracts in the data reported through Tuesday. This was a weekly decline of -151 contracts from the previous week which had a total of -35,960 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 21.9 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>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">22.9</td>
<td width="189">66.1</td>
<td width="187">10.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">57.6</td>
<td width="189">27.0</td>
<td width="187">14.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-36,111</td>
<td width="189">40,621</td>
<td width="187">-4,510</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">23,780</td>
<td width="189">68,690</td>
<td width="187">10,657</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">59,891</td>
<td width="189">28,069</td>
<td width="187">15,167</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.4 to 1</td>
<td width="189">2.4 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">0.0</td>
<td width="189">100.0</td>
<td width="187">21.9</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">-40.5</td>
<td width="189">40.7</td>
<td width="187">-24.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Nasdaq Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/NQ-11-03-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/NQ-11-03-2023.png" alt="Nasdaq Mini Futures COT Chart" width="720" height="660" /></a>The Nasdaq Mini large speculator standing this week came in at a net position of 6,737 contracts in the data reported through Tuesday. This was a weekly advance of 4,040 contracts from the previous week which had a total of 2,697 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 49.3 percent. The commercials are Bearish with a score of 36.3 percent and the small traders (not shown in chart) are Bullish with a score of 69.3 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>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">27.9</td>
<td width="189">55.9</td>
<td width="187">14.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">25.3</td>
<td width="189">58.4</td>
<td width="187">14.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">6,737</td>
<td width="189">-6,592</td>
<td width="187">-145</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">72,368</td>
<td width="189">144,956</td>
<td width="187">37,843</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">65,631</td>
<td width="189">151,548</td>
<td width="187">37,988</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.1 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">49.3</td>
<td width="189">36.3</td>
<td width="187">69.3</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">5.5</td>
<td width="189">-5.7</td>
<td width="187">2.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Russell 2000 Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/ER2-11-03-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/ER2-11-03-2023.png" alt="Russell 2000 Mini Futures COT Chart" width="720" height="660" /></a>The Russell 2000 Mini large speculator standing this week came in at a net position of -39,427 contracts in the data reported through Tuesday. This was a weekly rise of 4,744 contracts from the previous week which had a total of -44,171 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 48.3 percent. The commercials are Bullish with a score of 53.5 percent and the small traders (not shown in chart) are Bearish with a score of 22.1 percent.</p>
<h3>Price Trend-Following Model: Strong Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>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">14.6</td>
<td width="189">79.8</td>
<td width="187">4.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">21.8</td>
<td width="189">72.4</td>
<td width="187">4.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-39,427</td>
<td width="189">40,876</td>
<td width="187">-1,449</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">80,998</td>
<td width="189">441,734</td>
<td width="187">24,237</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">120,425</td>
<td width="189">400,858</td>
<td width="187">25,686</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.1 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">48.3</td>
<td width="189">53.5</td>
<td width="187">22.1</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>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">14.5</td>
<td width="189">-11.0</td>
<td width="187">-13.8</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Nikkei Stock Average (USD) Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/NKD-11-03-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/NKD-11-03-2023.png" alt="Nikkei Stock Average (USD) Futures COT Chart" width="720" height="660" /></a>The Nikkei Stock Average (USD) large speculator standing this week came in at a net position of -1,875 contracts in the data reported through Tuesday. This was a weekly rise of 253 contracts from the previous week which had a total of -2,128 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 53.2 percent. The commercials are Bearish with a score of 42.5 percent and the small traders (not shown in chart) are Bearish with a score of 38.3 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>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">4.6</td>
<td width="189">72.6</td>
<td width="187">22.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">17.2</td>
<td width="189">65.3</td>
<td width="187">17.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-1,875</td>
<td width="189">1,084</td>
<td width="187">791</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">679</td>
<td width="189">10,745</td>
<td width="187">3,382</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">2,554</td>
<td width="189">9,661</td>
<td width="187">2,591</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">1.1 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">53.2</td>
<td width="189">42.5</td>
<td width="187">38.3</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>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">-10.3</td>
<td width="189">12.3</td>
<td width="187">-7.1</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>MSCI EAFE Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/11/EMI-11-03-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/11/EMI-11-03-2023.png" alt="MSCI EAFE Mini Futures COT Chart" width="720" height="660" /></a>The MSCI EAFE Mini large speculator standing this week came in at a net position of -45,485 contracts in the data reported through Tuesday. This was a weekly fall of -14,986 contracts from the previous week which had a total of -30,499 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 12.3 percent. The commercials are Bullish-Extreme with a score of 90.9 percent and the small traders (not shown in chart) are Bearish with a score of 21.2 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>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">5.3</td>
<td width="189">91.4</td>
<td width="187">2.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">16.7</td>
<td width="189">80.2</td>
<td width="187">2.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-45,485</td>
<td width="189">44,671</td>
<td width="187">814</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">21,077</td>
<td width="189">363,693</td>
<td width="187">9,868</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">66,562</td>
<td width="189">319,022</td>
<td width="187">9,054</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">1.1 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">12.3</td>
<td width="189">90.9</td>
<td width="187">21.2</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">-14.7</td>
<td width="189">16.6</td>
<td width="187">-9.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</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>