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CFTC Data: Speculators Boost S&P 500 Net Shorts as Fund Managers Add Longs
Speculators increased bearish S&P 500 bets by 66,665 contracts in the week ended Sept. 22, while equity fund managers raised net longs by 35,280, and Treasury positioning tilted toward the front end.
Key points
- Speculators increased S&P 500 CME net shorts by 66,665 contracts to 355,121, while equity fund managers added 35,280 net longs to 934,913.
- In Treasuries, the 2-year net short rose by 51,712 contracts to 907,065, even as 5-year, 10-year, UltraBond and Treasury bond net shorts were trimmed.
- The yen held a net long of 71,982 contracts, while the euro, pound and Swiss franc remained net short.
Equity fund speculators raised their net short position in S&P 500 CME futures by 66,665 contracts to 355,121 in the week ended Sept. 22, while equity fund managers increased their net long position by 35,280 contracts to 934,913, according to CFTC positioning data. The opposing moves underscore differing strategies between speculators and fund managers.
In Treasury futures, speculators trimmed their net short position in CBOT US 5-year notes by 116,513 contracts to 880,853 and cut the 10-year net short by 9,484 contracts to 811,752. They also reduced UltraBond net shorts by 8,478 contracts to 336,725 and Treasury bond net shorts by 47,352 contracts to 155,805. The exception was the 2-year note, where the net short rose by 51,712 contracts to 907,065, leaving the front end as the only maturity where bearish positioning increased.
In currency futures, the Japanese yen held a net long position of 71,982 contracts. Bitcoin futures posted a net long of 2,756 contracts.
The divergence in equities—speculators adding shorts while equity fund managers add longs—suggests speculators are either hedging or positioning for declines, while fund managers continue to build exposure. The Treasury shift, with increased 2-year shorts alongside short covering at longer maturities, is consistent with a curve-steepening bias among speculators. If the S&P 500 speculator net short continues to expand in coming weeks, it would reinforce that bearish or hedging posture; a decline in that short would signal a shift in sentiment. Positioning data is backward-looking and does not by itself predict price direction.
