Weekly Commitments of Traders positioning for the report dated 26 May 2026. Net position is longs minus shorts. Week-on-week change uses the CFTC's own change columns from the same file. No price targets, no narrative — just what the reportable categories actually did.
| Contract | Institutional | Speculative |
|---|---|---|
| E-Mini S&P 500 (ES) | Asset Managers: net long 1,006,502 (-1,666 w/w — cut longs / added shorts) | Leveraged Funds: net short 459,415 (-57,103 w/w — cut longs / added shorts) |
| E-Mini Nasdaq 100 (NQ) | Asset Managers: net long 85,063 (-7,238 w/w — cut longs / added shorts) | Leveraged Funds: net short 51,679 (-6,308 w/w — cut longs / added shorts) |
| Gold (GC) | Swap Dealers (proxy): net short 166,256 (+7,459 w/w — added longs / cut shorts) | Managed Money: net long 97,446 (+3,906 w/w — added longs / cut shorts) |
| Crude Oil (CL) | Swap Dealers (proxy): net short 561,614 (+10,944 w/w — added longs / cut shorts) | Managed Money: net long 79,924 (-18,295 w/w — cut longs / added shorts) |
| Euro FX (6E) | Asset Managers: net long 269,890 (-877 w/w — cut longs / added shorts) | Leveraged Funds: net long 7,296 (-9,021 w/w — cut longs / added shorts) |
| Japanese Yen (6J) | Asset Managers: net short 58,747 (-16,861 w/w — cut longs / added shorts) | Leveraged Funds: net short 70,508 (-5,563 w/w — cut longs / added shorts) |
| 10Y T-Note (ZN) | Asset Managers: net long 2,070,343 (-196,908 w/w — cut longs / added shorts) | Leveraged Funds: net short 2,005,980 (-53,243 w/w — cut longs / added shorts) |
| Bitcoin (BTC) | Asset Managers: net long 4,352 (-469 w/w — cut longs / added shorts) | Leveraged Funds: net short 8,634 (+327 w/w — added longs / cut shorts) |
Source: CFTC weekly reports. Auto-generated draft — review before publishing.
Big reversal in bonds this week. Last week Asset Managers piled +147k contracts into 10Y T-Note longs and we wondered if they were front-running a rate-cut narrative or hedging risk. This week they reversed it — −197k contracts taken off. Whatever they were positioning for last week didn’t arrive, or they decided to take chips off the table. That’s the biggest single positioning move on the report and it’s worth knowing if you’re trading bonds or anything yield-sensitive (gold, rate-sensitive equities, FX).
Crude tells a useful follow-up story. Last week I flagged the spec-long crowd piling in against the dealers — that often marks where rallies start to feel tired. This week Managed Money cut −18k of those longs. So the unwind started. Not full capitulation yet, but the trajectory has changed; if you’re long crude, keep an eye on whether this cut accelerates next week.
Yen continues to be the simplest read on the report. Asset Managers added another −17k shorts, Leveraged Funds another −6k. That’s the “short Yen, long USD/JPY” trade picking up more weight from both legs. Still on-trend, still works until it doesn’t.
Equities are where the interesting tell is. Leveraged Funds cut another −57k from ES shorts this week. Hedge funds that were betting against the rally are quietly capitulating. NQ has the same pattern but smaller (−6k). This is usually a late-stage signal — when the shorts give up, you’re closer to the top of a move than the bottom. Doesn’t mean sell, but it does mean the rally is now powered by “no more sellers” rather than “lots of new buyers.”
Bitcoin: still nothing. Both legs barely moved. Skip it.
Two-week takeaway on bonds: Asset Managers added then took back +147k → −197k T-Note longs in a fortnight. That’s the kind of indecision that shows up in big institutional desks when the macro signal is genuinely murky. Worth respecting.
Standard disclaimer — the report is a Tuesday snapshot released Friday. Three sessions of price action have already happened. Use it as context for what big players are thinking, not as a trade signal.