<<If they are long the futures, they are short the stocks, long bonds, long gold, short the dollar or some combination of these. Such hedged positions are not indicators for the cash markets in any time frame>>
You could be right ... I don't know ... I do not follow or have any interest in that.
Trading the SP futures, using Larry Williams indicators, of which the SP commercial position is most important, has worked very profitably for me since I started trading the SP in July, 2000.