IMM report (Futures only) as of 5/26/20:
Short and fighting:
E-mini S&P 500 futures speculators added to both longs and short positions but overall added to net shorts once again. Price-action was mildly positive and the technical trend continues to be upward, so it seems that large traders are fighting the latest move higher. That said, longs seem to be turning higher and given how short positions are at quite an extreme the overall net positioning could be bottoming. This potential development could be critical in an attempt to re-test the all-time high recorded before the pandemic began.
Neutral but buying:
US 10-year Note future speculators are basically neutral as gross longs have been consistently grinding higher the past few months. Meanwhile, price-action has been remained in a tightly contained sideways channel albeit near recent highs. If gross shorts continue to decline then there's plenty of room for bulls to break into net long territory which could trigger a re-test all-time highs and all-time record lows in yields.
Long and strong:
Crude speculators have remained long throughout the pandemic and recent price-action must be a welcomed relief. That said, net positioning has remained steady in the 80-85% zone and is showing little in terms of direction. Meanwhile, Gold speculators, who are also very long, may be turning a bit more skeptical. The past few weeks, the extremely high net long positioning has started to shift lower and could be susceptible to further downside in the coming weeks.
Very short!!:
Both the Australian and Canadian dollar remain rather net short and could be vulnerable to further appreciation given both have technically broken-out vs the US dollar.
