<<The Commercials are quickly building a nice net long position in the S&Ps, and probably will continue to do so for some time, as they are almost always early (even very early).>>
If you didn't mean they were long index futures (I assume you'd agree the S&P is an index) did you mean they were just long all different types of futures? If you meant the latter, what can we deduce from their being long, for example, S&P futures and bond futures or gold futures at the same time?