Replies to post #47390 on ajtj99's Market Pulse

[chainik]

<I knew the SnP was getting toppy in early March>

I am sure COT can be interepreted in a number of different ways; what makes the most sense to me is just the total position (including minis) by commercials on three major indexes.

Commercials were short big time (the highest position in four years) at the end of December. Since then they were covering steadily and now they are net long. To me this suggests that most of the decline is behind us, at least intermediate-term.

I also think that the next COT report will show further significant increase in net long position by commercials