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 | −756k | +993k | −373k | 34% | +142k | NEUTRAL |
| View Nasdaq 100 COT detailNQ · Nasdaq 100 | −19k | +63k | −51k | 9% | −23k | RECORD SHORT |
| View Russell 2000 COT detailRTY · Russell 2000 | +51k | +5k | −56k | 40% | +28k | NEUTRAL |
| View VIX COT detailVX · VIX | +46k | −25k | −19k | 80% | −6k | LONG |
| View 10Y Treasury COT detailTY · 10Y Treasury | −488k | +2.4M | −1.9M | 23% | +143k | CONTRARIAN LONG |
| View Dollar COT detailDX · Dollar | −21k | +19k | −5k | 36% | −3k | NEUTRAL |
| View Euro COT detailEC · Euro | −275k | +255k | −15k | 29% | −6k | NEUTRAL |
| View Yen COT detailJY · Yen | +118k | −78k | −97k | 3% | −320 | HISTORIC SHORT |
| View Pound COT detailBP · Pound | +160k | −149k | +8k | 21% | −9k | SHORT |
| View Franc COT detailSF · Franc | +69k | −40k | −14k | 8% | −1k | RECORD SHORT |
| View Aussie COT detailAD · Aussie | −19k | −37k | +39k | 92% | −2k | CROWDED LONG |
| View Loonie COT detailCD · Loonie | +166k | −84k | −83k | 5% | −18k | RECORD SHORT |
| View Gold COT detailGC · Gold | −196k | −196k | +115k | 64% | +2k | FLIPPED LONG |
| View Silver COT detailSI · Silver | −27k | −27k | +12k | 37% | −1k | NEUTRAL |
| View Crude Oil COT detailCL · Crude Oil | −531k | −531k | +83k | 20% | −13k | SHORT |
| View Copper COT detailHG · Copper | +17k | +17k | +67k | 95% | −2k | CROWDED LONG |
| View Nat Gas COT detailNG · Nat Gas | +192k | +192k | −83k | 18% | +2k | CONTRARIAN LONG |
The key question is whether leveraged funds rebuild their S&P and Treasury shorts after this week's massive cover, or whether the squeeze has genuinely shifted their conviction. If they start adding shorts again, the rally that triggered this cover was a trap. On the yen, both leveraged funds and asset managers are at multi-year short extremes — any BOJ surprise or risk-off catalyst could trigger a repeat of the 2024 carry unwind, and the positioning is set up for exactly that. The British pound short at a zero-percentile extreme deserves close attention: if sterling breaks higher on any positive UK data, the squeeze could be fast and violent. Finally, watch crude — with producers hedging at a five-year record, any inventory build or demand disappointment has a crowded long to unwind against.
S&P 500 · 3-year positioning
What it means this week
Leveraged funds covered 142,000 S&P shorts and 143,000 Treasury shorts in a single week — the biggest simultaneous squeeze across equities and rates in recent memory.
Leveraged funds bought back 142,052 net contracts in a single week, moving from -515,520 to -373,468. That is a 28% reduction in their short position in seven days. To put that in context, their current net short sits at the 35.9th percentile of the two-year range — meaning they were historically short just last week and are now back to a more neutral stance.
Leveraged funds staged the biggest S&P short cover in months
Short covering this aggressive is usually reactive, not predictive — funds got squeezed and had to buy, not because they turned bullish. The rally that triggered this cover may already be mostly done. Watch whether they rebuild shorts next week.
By Nate Harmon · Week of Jun 23, 2026