Thats why you have to divide the E-mini contracts by 5, since the big SP contract is 5 X the value of an E-mini. Commercials trade both contracts. From the way people misinterpret the data here on this board it appears that they are doing it to mislead the little guy, since evidently they only look at the SP big contract.
To get a completely accurate view of the commericial position regarding the SP500 or any other Index or commodity you would also need to add in their option postions.
I learned this from George Sleazak who is former floor trader in Chicago.
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