Stock Market Charts: Weekly Speculator Changes led lower by MSCI EAFE-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/2023/09/COT-Stock-Futures-Open-Interest-Comparison1.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-215483" src="https://investmacro.com/wp-content/uploads/2023/09/COT-Stock-Futures-Open-Interest-Comparison1.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/09/COT-Stock-Futures-Open-Interest-Comparison1.png 559w, https://investmacro.com/wp-content/uploads/2023/09/COT-Stock-Futures-Open-Interest-Comparison1-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/09/COT-Stock-Futures-Open-Interest-Comparison1-150×93.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 September 5th</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 Nikkei 225</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Futures-Speculator-Net-Position-Changes.png"><img data-dominant-color="0a0c11" data-has-transparency="true" style="–dominant-color: #0a0c11;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215484" src="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Futures-Speculator-Net-Position-Changes.png" alt="" width="559" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Futures-Speculator-Net-Position-Changes.png 559w, https://investmacro.com/wp-content/uploads/2023/09/Stocks-Futures-Speculator-Net-Position-Changes-160×99.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 lower this week as one out of the seven stock markets we cover had higher positioning while the other six markets had lower speculator contracts.</p>
<p>Leading the gains for the stock markets was the Nikkei 225 with a small gain of 591 contracts.</p>
<p>The markets with the declines in speculator bets this week were MSCI EAFE-Mini (-11,282 contracts) with the VIX (-8,940 contracts), the Russell-Mini (-4,833 contracts), the Nasdaq-Mini (-2,612 contracts), the S&amp;P500-Mini (-2,105 contracts) and the DowJones-Mini (-1,724 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>Sep-05-2023</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>2,259,160</td>
<td>26</td>
<td>-144,211</td>
<td>43</td>
<td>123,567</td>
<td>57</td>
<td>20,644</td>
<td>46</td>
</tr>
<tr>
<td>Nikkei 225</td>
<td>24,684</td>
<td>40</td>
<td>-142</td>
<td>68</td>
<td>-1,199</td>
<td>29</td>
<td>1,341</td>
<td>45</td>
</tr>
<tr>
<td>Nasdaq-Mini</td>
<td>274,701</td>
<td>47</td>
<td>13,550</td>
<td>85</td>
<td>-5,696</td>
<td>19</td>
<td>-7,854</td>
<td>39</td>
</tr>
<tr>
<td>DowJones-Mini</td>
<td>93,933</td>
<td>53</td>
<td>-11,724</td>
<td>41</td>
<td>10,223</td>
<td>55</td>
<td>1,501</td>
<td>51</td>
</tr>
<tr>
<td>VIX</td>
<td>402,061</td>
<td>73</td>
<td>-42,726</td>
<td>88</td>
<td>44,265</td>
<td>9</td>
<td>-1,539</td>
<td>88</td>
</tr>
<tr>
<td>Nikkei 225 Yen</td>
<td>66,338</td>
<td>66</td>
<td>5,860</td>
<td>52</td>
<td>14,723</td>
<td>51</td>
<td>-20,583</td>
<td>40</td>
</tr>
</tbody>
</table>
</div>
<p>&nbsp;</p>
<hr />
<h2>Strength Scores led by VIX &amp; Nasdaq-Mini</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png"><img data-dominant-color="1a2a43" data-has-transparency="true" style="–dominant-color: #1a2a43;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215485" src="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png" alt="" width="571" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100.png 571w, https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Scores-3-YR-Range-0-100-160×97.png 160w, https://investmacro.com/wp-content/uploads/2023/09/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 (88 percent) and the Nasdaq-Mini (85 percent) lead the stock markets this week. The Nikkei 225 (68 percent) comes in as the next highest in the weekly strength scores.</p>
<p>On the downside, the MSCI EAFE-Mini (0 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 Russell-Mini (29 percent).</p>
<p align="center"><strong>Strength Statistics:</strong><br />
VIX (87.8 percent) vs VIX previous week (94.3 percent)<br />
S&amp;P500-Mini (43.2 percent) vs S&amp;P500-Mini previous week (43.6 percent)<br />
DowJones-Mini (40.7 percent) vs DowJones-Mini previous week (45.6 percent)<br />
Nasdaq-Mini (85.0 percent) vs Nasdaq-Mini previous week (86.5 percent)<br />
Russell2000-Mini (28.9 percent) vs Russell2000-Mini previous week (31.8 percent)<br />
Nikkei USD (68.2 percent) vs Nikkei USD previous week (64.3 percent)<br />
EAFE-Mini (0.0 percent) vs EAFE-Mini previous week (13.5 percent)</p>
<p>&nbsp;</p>
<h2>Nikkei 225 &amp; Nasdaq-Mini top the 6-Week Strength Trends</h2>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png"><img data-dominant-color="1c1011" data-has-transparency="true" style="–dominant-color: #1c1011;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-215486" src="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png" alt="" width="551" height="345" srcset="https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Score-Trends-6-Weeks.png 551w, https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Score-Trends-6-Weeks-160×100.png 160w, https://investmacro.com/wp-content/uploads/2023/09/Stocks-Speculator-Strength-Score-Trends-6-Weeks-150×94.png 150w, https://investmacro.com/wp-content/uploads/2023/09/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 Nikkei 225 (16 percent) leads the past six weeks trends for the stock markets. The Nasdaq-Mini (14 percent) and the S&amp;P500-Mini (13 percent) are the next highest positive movers in the latest trends data.</p>
<p>The DowJones-Mini (-37 percent) leads the downside trend scores currently with the EAFE-Mini (-8.5 percent) coming in as the next market with lower trend scores.</p>
<p align="center"><strong>Strength Trend Statistics:</strong><br />
VIX (-0.4 percent) vs VIX previous week (4.7 percent)<br />
S&amp;P500-Mini (13.2 percent) vs S&amp;P500-Mini previous week (18.1 percent)<br />
DowJones-Mini (-37.2 percent) vs DowJones-Mini previous week (-8.1 percent)<br />
Nasdaq-Mini (13.9 percent) vs Nasdaq-Mini previous week (8.6 percent)<br />
Russell2000-Mini (-1.8 percent) vs Russell2000-Mini previous week (-0.7 percent)<br />
Nikkei USD (16.0 percent) vs Nikkei USD previous week (13.9 percent)<br />
EAFE-Mini (-8.5 percent) vs EAFE-Mini previous week (-7.1 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/2023/09/VIX-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/VIX-09-08-2023.png" alt="VIX Volatility Futures COT Chart" width="720" height="660" /></a>The VIX Volatility large speculator standing this week recorded a net position of -42,726 contracts in the data reported through Tuesday. This was a weekly decrease of -8,940 contracts from the previous week which had a total of -33,786 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 87.8 percent. The commercials are Bearish-Extreme with a score of 9.1 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 88.0 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>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">25.3</td>
<td width="189">45.8</td>
<td width="187">6.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">36.0</td>
<td width="189">34.8</td>
<td width="187">7.0</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-42,726</td>
<td width="189">44,265</td>
<td width="187">-1,539</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">101,854</td>
<td width="189">184,112</td>
<td width="187">26,430</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">144,580</td>
<td width="189">139,847</td>
<td width="187">27,969</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.3 to 1</td>
<td width="187">0.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">87.8</td>
<td width="189">9.1</td>
<td width="187">88.0</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-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">-0.4</td>
<td width="189">-1.5</td>
<td width="187">13.7</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/2023/09/ES-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/ES-09-08-2023.png" alt="SP500 Mini Futures COT Chart" width="720" height="660" /></a>The S&amp;P500 Mini large speculator standing this week recorded a net position of -144,211 contracts in the data reported through Tuesday. This was a weekly decrease of -2,105 contracts from the previous week which had a total of -142,106 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 43.2 percent. The commercials are Bullish with a score of 56.9 percent and the small traders (not shown in chart) are Bearish with a score of 45.8 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>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">10.9</td>
<td width="189">75.0</td>
<td width="187">11.4</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">17.2</td>
<td width="189">69.5</td>
<td width="187">10.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-144,211</td>
<td width="189">123,567</td>
<td width="187">20,644</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">245,378</td>
<td width="189">1,693,540</td>
<td width="187">256,870</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">389,589</td>
<td width="189">1,569,973</td>
<td width="187">236,226</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">43.2</td>
<td width="189">56.9</td>
<td width="187">45.8</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">13.2</td>
<td width="189">-12.7</td>
<td width="187">1.4</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/2023/09/YM-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/YM-09-08-2023.png" alt="Dow Jones Mini Futures COT Chart" width="720" height="660" /></a>The Dow Jones Mini large speculator standing this week recorded a net position of -11,724 contracts in the data reported through Tuesday. This was a weekly decrease of -1,724 contracts from the previous week which had a total of -10,000 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 40.7 percent. The commercials are Bullish with a score of 54.6 percent and the small traders (not shown in chart) are Bullish with a score of 51.2 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>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">23.7</td>
<td width="189">57.3</td>
<td width="187">15.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">36.2</td>
<td width="189">46.5</td>
<td width="187">13.9</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-11,724</td>
<td width="189">10,223</td>
<td width="187">1,501</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">22,245</td>
<td width="189">53,865</td>
<td width="187">14,590</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">33,969</td>
<td width="189">43,642</td>
<td width="187">13,089</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.2 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">40.7</td>
<td width="189">54.6</td>
<td width="187">51.2</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">-37.2</td>
<td width="189">20.3</td>
<td width="187">15.4</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Nasdaq Mini Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/09/NQ-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/NQ-09-08-2023.png" alt="Nasdaq Mini Futures COT Chart" width="720" height="660" /></a>The Nasdaq Mini large speculator standing this week recorded a net position of 13,550 contracts in the data reported through Tuesday. This was a weekly decline of -2,612 contracts from the previous week which had a total of 16,162 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 85.0 percent. The commercials are Bearish-Extreme with a score of 19.0 percent and the small traders (not shown in chart) are Bearish with a score of 38.7 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>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">27.0</td>
<td width="189">56.2</td>
<td width="187">13.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">22.0</td>
<td width="189">58.3</td>
<td width="187">16.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">13,550</td>
<td width="189">-5,696</td>
<td width="187">-7,854</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">74,040</td>
<td width="189">154,346</td>
<td width="187">38,035</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">60,490</td>
<td width="189">160,042</td>
<td width="187">45,889</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.2 to 1</td>
<td width="189">1.0 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">85.0</td>
<td width="189">19.0</td>
<td width="187">38.7</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>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">13.9</td>
<td width="189">-8.6</td>
<td width="187">-20.3</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/2023/09/ER2-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/ER2-09-08-2023.png" alt="Russell 2000 Mini Futures COT Chart" width="720" height="660" /></a>The Russell 2000 Mini large speculator standing this week recorded a net position of -71,711 contracts in the data reported through Tuesday. This was a weekly lowering of -4,833 contracts from the previous week which had a total of -66,878 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 28.9 percent. The commercials are Bullish with a score of 70.2 percent and the small traders (not shown in chart) are Bearish with a score of 29.4 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>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">9.9</td>
<td width="189">83.3</td>
<td width="187">5.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">23.9</td>
<td width="189">69.5</td>
<td width="187">5.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-71,711</td>
<td width="189">70,806</td>
<td width="187">905</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">50,897</td>
<td width="189">426,554</td>
<td width="187">26,844</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">122,608</td>
<td width="189">355,748</td>
<td width="187">25,939</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.4 to 1</td>
<td width="189">1.2 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">28.9</td>
<td width="189">70.2</td>
<td width="187">29.4</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">-1.8</td>
<td width="189">4.0</td>
<td width="187">-13.1</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/2023/09/NKD-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/NKD-09-08-2023.png" alt="Nikkei Stock Average (USD) Futures COT Chart" width="720" height="660" /></a>The Nikkei Stock Average (USD) large speculator standing this week recorded a net position of -142 contracts in the data reported through Tuesday. This was a weekly lift of 591 contracts from the previous week which had a total of -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 with a score of 68.2 percent. The commercials are Bearish with a score of 28.6 percent and the small traders (not shown in chart) are Bearish with a score of 45.2 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>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">16.3</td>
<td width="189">62.9</td>
<td width="187">18.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">16.8</td>
<td width="189">67.8</td>
<td width="187">12.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-142</td>
<td width="189">-1,199</td>
<td width="187">1,341</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">4,015</td>
<td width="189">15,537</td>
<td width="187">4,453</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">4,157</td>
<td width="189">16,736</td>
<td width="187">3,112</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.0 to 1</td>
<td width="189">0.9 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">68.2</td>
<td width="189">28.6</td>
<td width="187">45.2</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">16.0</td>
<td width="189">-18.3</td>
<td width="187">6.8</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/2023/09/EMI-09-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/09/EMI-09-08-2023.png" alt="MSCI EAFE Mini Futures COT Chart" width="720" height="660" /></a>The MSCI EAFE Mini large speculator standing this week recorded a net position of -38,079 contracts in the data reported through Tuesday. This was a weekly decrease of -11,282 contracts from the previous week which had a total of -26,797 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 35.7 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>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">6.1</td>
<td width="189">90.7</td>
<td width="187">2.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">15.9</td>
<td width="189">81.9</td>
<td width="187">1.5</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-38,079</td>
<td width="189">34,346</td>
<td width="187">3,733</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">23,910</td>
<td width="189">354,137</td>
<td width="187">9,687</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">61,989</td>
<td width="189">319,791</td>
<td width="187">5,954</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.4 to 1</td>
<td width="189">1.1 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">0.0</td>
<td width="189">100.0</td>
<td width="187">35.7</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">-8.5</td>
<td width="189">13.0</td>
<td width="187">-18.4</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>