Commercials and Large Specs are net short S&P. Small Specs net long. Commercials reduced past 2 weeks while Large Specs made a big move to the short side last week.
Your WAG is similar to mine...an upward sloping consolidation followed by another leg down...larger than the first leg I think.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.