It is interesting to look at the weekly CFTC report and see such a large change on the part of the Pros. In particular, the short interest is rising on both the S&P 500 mini contracts by the Pros and the Oil by the Commercial traders.
Some would look at this is as the correct indicator, others want to focus on the Commercial traders. How about this… consider the Commercial traders for the commodities and Pros for the financials.
So, the S&P 500 mini commitments are showing a strong move by the Pros to the short side as the Commercial traders are adding to short positions (or exiting long) for Oil.
The charts below shows it best.