CTFC COT data shows speculators (non-commercials) hold the largest net short position in ES since November 2011.
There has been a lot of talk about the inability of SPX to go down because of it.
My take on it:
SPX topped in late 2021 and based on this, the primary trend, is the Bear Market.
As such speculators are aligned with the overall trend.
At times however, if their position gets extended, they will have their stops run.
However, as Jesse Livermore in "Reminiscences of a Stock Operator" says, the "Trend is your Friend" and the Big Short is aligned with it.
Submitted April 18, 2023 at 01:26AM by MacroDragon1 https://ift.tt/4P9en8k
