COT Stock Market Charts: Weekly Speculator Changes led by DowJones-Mini & the VIX

<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/COT-Stock-Futures-Open-Interest-Comparison-2.png"><img data-dominant-color="463817" data-has-transparency="true" style="–dominant-color: #463817;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214606" src="https://investmacro.com/wp-content/uploads/2023/07/COT-Stock-Futures-Open-Interest-Comparison-2.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/07/COT-Stock-Futures-Open-Interest-Comparison-2.png 559w, https://investmacro.com/wp-content/uploads/2023/07/COT-Stock-Futures-Open-Interest-Comparison-2-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/07/COT-Stock-Futures-Open-Interest-Comparison-2-150×93.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 July 18th</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 DowJones-Mini &amp; the VIX</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Futures-Speculator-Net-Position-Changes-2.png"><img data-dominant-color="0b0e14" data-has-transparency="true" style="–dominant-color: #0b0e14;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214607" src="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Futures-Speculator-Net-Position-Changes-2.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Futures-Speculator-Net-Position-Changes-2.png 559w, https://investmacro.com/wp-content/uploads/2023/07/Stocks-Futures-Speculator-Net-Position-Changes-2-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Stocks-Futures-Speculator-Net-Position-Changes-2-150×93.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 DowJones-Mini (11,444 contracts) with the VIX (10,444 contracts), Nikkei 225 (1,007 contracts) and the Russell-Mini (171 contracts) also showing positive weeks.</p>
<p>The markets with the declines in speculator bets this week were the S&amp;P500-Mini (-54,706 contracts), the Nasdaq-Mini (-9,749 contracts) and the MSCI EAFE-Mini (-7,789 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>Jul-18-2023</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>2,280,677</td>
<td>28</td>
<td>-263,685</td>
<td>25</td>
<td>235,997</td>
<td>72</td>
<td>27,688</td>
<td>54</td>
</tr>
<tr>
<td>Nikkei 225</td>
<td>16,045</td>
<td>16</td>
<td>-2,864</td>
<td>50</td>
<td>1,564</td>
<td>45</td>
<td>1,300</td>
<td>45</td>
</tr>
<tr>
<td>Nasdaq-Mini</td>
<td>264,119</td>
<td>40</td>
<td>1,199</td>
<td>78</td>
<td>4,393</td>
<td>26</td>
<td>-5,592</td>
<td>43</td>
</tr>
<tr>
<td>DowJones-Mini</td>
<td>102,267</td>
<td>68</td>
<td>-7,141</td>
<td>54</td>
<td>6,949</td>
<td>48</td>
<td>192</td>
<td>45</td>
</tr>
<tr>
<td>VIX</td>
<td>438,936</td>
<td>92</td>
<td>-40,289</td>
<td>90</td>
<td>44,518</td>
<td>8</td>
<td>-4,229</td>
<td>74</td>
</tr>
<tr>
<td>Nikkei 225 Yen</td>
<td>51,387</td>
<td>38</td>
<td>7,207</td>
<td>56</td>
<td>15,003</td>
<td>52</td>
<td>-22,210</td>
<td>35</td>
</tr>
</tbody>
</table>
</div>
<hr />
<h2>Strength Scores led by VIX &amp; Nasdaq-Mini</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-2.png"><img data-dominant-color="1a2841" data-has-transparency="true" style="–dominant-color: #1a2841;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214608" src="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-2.png" alt="" width="571" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-2.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-2-160×97.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-2-150×91.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 (90 percent) and the Nasdaq-Mini (78 percent) lead the stock markets this week. The Nikkei 225 Yen (56 percent) and DowJones-Mini (54 percent) come in as the next highest in the weekly strength scores.</p>
<p>On the downside, the MSCI EAFE-Mini (19 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 S&amp;P500-Mini (25 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
VIX (90.1 percent) vs VIX previous week (82.4 percent)<br />
S&amp;P500-Mini (25.4 percent) vs S&amp;P500-Mini previous week (33.6 percent)<br />
DowJones-Mini (53.7 percent) vs DowJones-Mini previous week (21.3 percent)<br />
Nasdaq-Mini (77.9 percent) vs Nasdaq-Mini previous week (83.5 percent)<br />
Russell2000-Mini (32.5 percent) vs Russell2000-Mini previous week (32.4 percent)<br />
Nikkei USD (50.4 percent) vs Nikkei USD previous week (43.8 percent)<br />
EAFE-Mini (18.8 percent) vs EAFE-Mini previous week (28.3 percent)</p>
<p>&nbsp;</p>
<h2>DowJones-Mini &amp; Nikkei 225 top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Score-Trends-6-Weeks-2.png"><img data-dominant-color="1d1011" data-has-transparency="true" style="–dominant-color: #1d1011;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214609" src="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Score-Trends-6-Weeks-2.png" alt="" width="551" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Score-Trends-6-Weeks-2.png 551w, https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Score-Trends-6-Weeks-2-160×100.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Score-Trends-6-Weeks-2-150×94.png 150w, https://investmacro.com/wp-content/uploads/2023/07/Stocks-Speculator-Strength-Score-Trends-6-Weeks-2-400×250.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 (44 percent) leads the past six weeks trends for the stock markets. The Nikkei 225 (29 percent), the VIX (13 percent) and the S&amp;P500-Mini (12 percent) are the next highest positive movers in the latest trends data.</p>
<p>The Nasdaq-Mini (-4 percent) leads the downside trend scores currently.</p>
<p align="center"><strong>Strength Trend Statistics:</strong><br />
VIX (12.8 percent) vs VIX previous week (8.6 percent)<br />
S&amp;P500-Mini (12.1 percent) vs S&amp;P500-Mini previous week (33.6 percent)<br />
DowJones-Mini (44.2 percent) vs DowJones-Mini previous week (8.5 percent)<br />
Nasdaq-Mini (-4.4 percent) vs Nasdaq-Mini previous week (1.4 percent)<br />
Russell2000-Mini (-1.9 percent) vs Russell2000-Mini previous week (-1.7 percent)<br />
Nikkei USD (28.8 percent) vs Nikkei USD previous week (19.7 percent)<br />
EAFE-Mini (-1.9 percent) vs EAFE-Mini previous week (6.7 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/2023/07/VIX-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/VIX-07-21-2023.png" alt="VIX Volatility Futures COT Chart" width="720" height="660" /></a>The VIX Volatility large speculator standing this week was a net position of -40,289 contracts in the data reported through Tuesday. This was a weekly lift of 10,444 contracts from the previous week which had a total of -50,733 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 90.1 percent. The commercials are Bearish-Extreme with a score of 7.7 percent and the small traders (not shown in chart) are Bullish with a score of 74.3 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>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">25.0</td>
<td width="189">47.3</td>
<td width="187">5.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">34.2</td>
<td width="189">37.1</td>
<td width="187">6.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-40,289</td>
<td width="189">44,518</td>
<td width="187">-4,229</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">109,936</td>
<td width="189">207,566</td>
<td width="187">23,481</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">150,225</td>
<td width="189">163,048</td>
<td width="187">27,710</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">0.8 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">90.1</td>
<td width="189">7.7</td>
<td width="187">74.3</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">12.8</td>
<td width="189">-11.0</td>
<td width="187">-12.0</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/2023/07/ES-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/ES-07-21-2023.png" alt="SP500 Mini Futures COT Chart" width="720" height="660" /></a>The S&amp;P500 Mini large speculator standing this week was a net position of -263,685 contracts in the data reported through Tuesday. This was a weekly decline of -54,706 contracts from the previous week which had a total of -208,979 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 25.4 percent. The commercials are Bullish with a score of 72.5 percent and the small traders (not shown in chart) are Bullish with a score of 53.9 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>Hold – Maintain Long 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">10.3</td>
<td width="189">75.8</td>
<td width="187">11.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">21.9</td>
<td width="189">65.5</td>
<td width="187">10.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-263,685</td>
<td width="189">235,997</td>
<td width="187">27,688</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">235,723</td>
<td width="189">1,728,979</td>
<td width="187">264,046</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">499,408</td>
<td width="189">1,492,982</td>
<td width="187">236,358</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">1.1 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">25.4</td>
<td width="189">72.5</td>
<td width="187">53.9</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>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">12.1</td>
<td width="189">-15.8</td>
<td width="187">11.9</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/2023/07/YM-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/YM-07-21-2023.png" alt="Dow Jones Mini Futures COT Chart" width="720" height="660" /></a>The Dow Jones Mini large speculator standing this week was a net position of -7,141 contracts in the data reported through Tuesday. This was a weekly gain of 11,444 contracts from the previous week which had a total of -18,585 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 53.7 percent. The commercials are Bearish with a score of 47.9 percent and the small traders (not shown in chart) are Bearish with a score of 44.8 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>Hold – Maintain Long 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">29.1</td>
<td width="189">54.5</td>
<td width="187">14.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">36.0</td>
<td width="189">47.7</td>
<td width="187">14.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-7,141</td>
<td width="189">6,949</td>
<td width="187">192</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">29,709</td>
<td width="189">55,758</td>
<td width="187">14,913</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">36,850</td>
<td width="189">48,809</td>
<td width="187">14,721</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.8 to 1</td>
<td width="189">1.1 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">53.7</td>
<td width="189">47.9</td>
<td width="187">44.8</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>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">44.2</td>
<td width="189">-29.6</td>
<td width="187">-4.9</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Nasdaq Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/NQ-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/NQ-07-21-2023.png" alt="Nasdaq Mini Futures COT Chart" width="720" height="660" /></a>The Nasdaq Mini large speculator standing this week was a net position of 1,199 contracts in the data reported through Tuesday. This was a weekly lowering of -9,749 contracts from the previous week which had a total of 10,948 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 77.9 percent. The commercials are Bearish with a score of 25.5 percent and the small traders (not shown in chart) are Bearish with a score of 42.9 percent.</p>
<h3>Price Trend-Following Model: Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>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>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">28.5</td>
<td width="189">53.8</td>
<td width="187">14.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">28.0</td>
<td width="189">52.1</td>
<td width="187">17.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">1,199</td>
<td width="189">4,393</td>
<td width="187">-5,592</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">75,196</td>
<td width="189">141,970</td>
<td width="187">39,322</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">73,997</td>
<td width="189">137,577</td>
<td width="187">44,914</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">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">77.9</td>
<td width="189">25.5</td>
<td width="187">42.9</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">-4.4</td>
<td width="189">1.2</td>
<td width="187">10.7</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/2023/07/ER2-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/ER2-07-21-2023.png" alt="Russell 2000 Mini Futures COT Chart" width="720" height="660" /></a>The Russell 2000 Mini large speculator standing this week was a net position of -65,702 contracts in the data reported through Tuesday. This was a weekly gain of 171 contracts from the previous week which had a total of -65,873 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 32.5 percent. The commercials are Bullish with a score of 64.7 percent and the small traders (not shown in chart) are Bearish with a score of 41.3 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>Hold – Maintain Long 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">10.9</td>
<td width="189">82.9</td>
<td width="187">4.9</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.4</td>
<td width="189">71.4</td>
<td width="187">4.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-65,702</td>
<td width="189">60,957</td>
<td width="187">4,745</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">57,206</td>
<td width="189">436,369</td>
<td width="187">25,882</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">122,908</td>
<td width="189">375,412</td>
<td width="187">21,137</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">1.2 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">32.5</td>
<td width="189">64.7</td>
<td width="187">41.3</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>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">-1.9</td>
<td width="189">-0.6</td>
<td width="187">13.2</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/2023/07/NKD-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/NKD-07-21-2023.png" alt="Nikkei Stock Average (USD) Futures COT Chart" width="720" height="660" /></a>The Nikkei Stock Average (USD) large speculator standing this week was a net position of -2,864 contracts in the data reported through Tuesday. This was a weekly increase of 1,007 contracts from the previous week which had a total of -3,871 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 50.4 percent. The commercials are Bearish with a score of 45.4 percent and the small traders (not shown in chart) are Bearish with a score of 44.7 percent.</p>
<h3>Price Trend-Following Model: Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>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>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">8.7</td>
<td width="189">63.9</td>
<td width="187">27.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">26.5</td>
<td width="189">54.2</td>
<td width="187">19.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-2,864</td>
<td width="189">1,564</td>
<td width="187">1,300</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">1,388</td>
<td width="189">10,254</td>
<td width="187">4,403</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,252</td>
<td width="189">8,690</td>
<td width="187">3,103</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">1.4 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">50.4</td>
<td width="189">45.4</td>
<td width="187">44.7</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">28.8</td>
<td width="189">-21.7</td>
<td width="187">-10.7</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/2023/07/EMI-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/EMI-07-21-2023.png" alt="MSCI EAFE Mini Futures COT Chart" width="720" height="660" /></a>The MSCI EAFE Mini large speculator standing this week was a net position of -20,850 contracts in the data reported through Tuesday. This was a weekly lowering of -7,789 contracts from the previous week which had a total of -13,061 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 18.8 percent. The commercials are Bullish with a score of 76.2 percent and the small traders (not shown in chart) are Bullish with a score of 50.2 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>Hold – Maintain Long 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">6.4</td>
<td width="189">89.8</td>
<td width="187">3.1</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">11.7</td>
<td width="189">86.2</td>
<td width="187">1.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-20,850</td>
<td width="189">14,197</td>
<td width="187">6,653</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">25,099</td>
<td width="189">354,008</td>
<td width="187">12,096</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">45,949</td>
<td width="189">339,811</td>
<td width="187">5,443</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.5 to 1</td>
<td width="189">1.0 to 1</td>
<td width="187">2.2 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">18.8</td>
<td width="189">76.2</td>
<td width="187">50.2</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</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">-1.9</td>
<td width="189">-1.5</td>
<td width="187">13.9</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>