Who's on which side.
Commitments of Traders: the weekly CFTC report that tells you what Commercials, Asset Managers, and Leveraged Funds are doing in every futures market that matters.
Where we are at the tails
Net positioning · all tracked contracts
| Contract | Net · Comm | Net · AM | Net · Lev | Lev %ile (5Y) | Δ 1W (lev) | Signal |
|---|---|---|---|---|---|---|
| View S&P 500 COT detailES · S&P 500 | −634k | +934k | −376k | 34% | −82k | NEUTRAL Hedge funds (leveraged funds) added 82,431 contracts to their short bet against the S&P 500 this week while big institutional investors (asset managers) kept buying, splitting the table between fast money and real money. |
| View Nasdaq 100 COT detailNQ · Nasdaq 100 | −58k | +72k | −31k | 53% | −24k | NEUTRAL |
| View Russell 2000 COT detailRTY · Russell 2000 | +76k | +33k | −108k | 2% | −11k | HISTORIC SHORT |
| View VIX COT detailVX · VIX | +67k | −55k | −15k | 82% | +1k | LONG |
| View 10Y Treasury COT detailTY · 10Y Treasury | −581k | +2.5M | −1.9M | 29% | −59k | NEUTRAL Leveraged funds added 58,821 contracts to an already enormous bond short, now at the 68.3th percentile, while asset managers hold the mirror image record long, a structural standoff, not a fresh directional call. |
| View Dollar COT detailDX · Dollar | −16k | +17k | −4k | 39% | +414 | NEUTRAL |
| View Euro COT detailEC · Euro | −221k | +216k | −27k | 20% | +1k | CONTRARIAN LONG |
| View Yen COT detailJY · Yen | −108k | +42k | +7k | 93% | −16k | CROWDED LONG |
| View Pound COT detailBP · Pound | +108k | −116k | +13k | 28% | −6k | NEUTRAL |
| View Franc COT detailSF · Franc | +68k | −36k | −16k | 4% | −1k | HISTORIC SHORT |
| View Aussie COT detailAD · Aussie | −28k | −55k | +59k | 97% | −2k | CROWDED LONG |
| View Loonie COT detailCD · Loonie | +64k | −24k | −47k | 35% | −8k | NEUTRAL |
| View Gold COT detailGC · Gold | −236k | −236k | +127k | 66% | −6k | BUILDING Managed money trimmed 5,727 contracts off a still massive 127,389 long, and at the 44.5th percentile speculators are actually less bullish on gold than their own two year average. |
| View Silver COT detailSI · Silver | −26k | −26k | +13k | 41% | +185 | NEUTRAL |
| View Crude Oil COT detailCL · Crude Oil | −473k | −473k | +102k | 33% | −4k | NEUTRAL Managed money trimmed 4,451 contracts off a comfortably long position that still sits at the 64.4th percentile, more a pause than a reversal. |
| View Copper COT detailHG · Copper | +12k | +12k | +83k | 100% | +17k | CROWDED LONG |
| View Nat Gas COT detailNG · Nat Gas | +227k | +227k | −66k | 34% | +35k | NEUTRAL |
This is news and commentary, not financial advice, so trade your own book. Watch whether leveraged funds keep piling onto the Russell 2000 short, now at the 4th percentile of the past two years, that is the market's most obvious squeeze setup. Also track whether dealers keep covering their 10-Year Treasury short after this week's 138,734 contract buyback, another leg lower in that short would say this is real unwinding, not a one week fluke. The level to watch: leveraged fund Russell 2000 net short breaking back above negative 100,000 would be the first sign of exhaustion.
S&P 500 · 3-year positioning
What it means this week
Leveraged funds added to shorts across the S&P 500, Nasdaq and Russell 2000 this week while asset managers kept buying every dip, and the Russell 2000 short is now the most crowded trade of the past two years.
Leveraged funds (hedge funds and trend followers, the fast money) added 82,431 contracts to their S&P 500 short this week, a 28 percent jump in one week. Their net position is now negative 375,574 contracts, sitting at the 36.6th percentile of the past two years, so it is a big short but not yet a record one.
Leveraged funds pile onto the S&P 500 short
If you are long stocks, this is the crowd betting against you. Not a reason to panic on its own, but worth watching if the short keeps compounding week over week.
By Nate Harmon · Week of Sep 22, 2026