Every Friday, the CFTC publishes the Commitment of Traders (COT) report: a breakdown of who holds futures positions in markets from crude oil to the S&P 500. For traders, it's a rare look at what the big players are actually doing — not what they say.
The three groups that matter
- Large speculators (non-commercials): hedge funds and CTAs. They tend to follow trends.
- Commercials (hedgers): producers and users of the asset. They're usually on the other side.
- Non-reportables: smaller traders.
How to read it
Watch the net position (longs minus shorts) and, more importantly, the extremes. When large speculators are heavily one-sided, the move is crowded — and crowded trades often reverse.
Try it on TEG
The Commitment of Traders tool shows the latest net positioning across 26 markets, updated weekly.
Educational only — not financial advice; positioning shows leaning, not timing.