CFTC S&P 500 Speculative Net Positions
Published:
A weekly CFTC measure of speculative (non-commercial) net futures positioning in the CME E-mini S&P 500 contract, in thousands of contracts.
Full explanation
CFTC S&P 500 Speculative Net Positions is the net position of non-commercial (speculative) traders in the CME E-mini S&P 500 futures contract ("E-MINI S&P 500 - CHICAGO MERCANTILE EXCHANGE", CFTC contract market code 13874A). It is calculated as non-commercial long futures contracts minus non-commercial short futures contracts from the CFTC's Legacy Futures Only Commitments of Traders report, shown in thousands of contracts. It is a positioning measure, not an amount of money. Other S&P 500 contracts, such as Micro E-mini or the consolidated S&P 500 series, are not included. Positions are measured as of Tuesday and normally published on Friday at 3:30 p.m. Eastern Time.
Why traders watch it
Traders use it to assess speculative positioning in a major US equity-index futures market and to judge whether sentiment may be extended or changing.
Market interpretation
- US equity-index futures
- Provides context on speculative exposure in the S&P 500 futures market and possible shifts in positioning.
- US dollar and risk-sensitive markets
- May contribute indirectly to assessments of broad risk appetite, but it is not a direct USD economic indicator.
Stronger vs weaker outcomes
A higher or more positive net position may be consistent with greater bullish speculative exposure, while a lower or more negative reading may be consistent with greater bearish exposure. Either outcome can also reflect position closing, contract rollover, or changes in the composition of reportable traders.
A higher net reading may indicate that speculative traders hold relatively more long exposure, or relatively less short exposure, than before.
A lower net reading may indicate that speculative traders hold relatively more short exposure, or relatively less long exposure, than before.
Higher readings indicate relatively more net long speculative exposure; lower readings indicate relatively more net short exposure.
Release details
- Release frequency
- Weekly (Tuesday positions, published Friday 3:30 p.m. ET)
Typical volatility
Low. This is a positioning report rather than a real-time measure of investor sentiment. The data are several days old when published, and net positioning does not reveal entry prices, conviction, options exposure, or the reasons behind trades.
Trading considerations
- Check the Tuesday position date before linking the report to a later market move.
- Compare the net figure with its own historical range rather than treating one reading as conclusive.
- Review long, short, spreading and open-interest figures alongside the net calculation.
- Account for futures contract rolls and changes in trader classification when comparing periods.
- Use the report as context alongside price action and other risk-sentiment measures.
Educational guidance only — never a trading signal or recommendation.
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