Equity indices · Market page
S&P 500
Long exposure sits in the 56th percentile. The lead participant net position changed +41.3K contracts over the latest week.
Positions as of21 Jul 2026Released 25 Jul 2026
01
Positioning history
Current exposure in its own range.
Positioning historyS&P 500 exposure is measured against its own history.Lead participant rolling z-score
2026-07-21+1.37σ
02
Participant structure
Who carries the reported exposure.
ParticipantNet contractsRelative size
Asset managers+930.9K
Dealers−725K
Leveraged funds−329.3K
Non-reportables+120.5K
Other reportables+2.9K
CFTC participant categories vary by report family. The primary positioning series uses managed money for physical commodities and leveraged funds for financial futures.
03
Comparable states
What followed similar positioning.
| Positioning bucket | N | 4W positive | 8W positive | 12W positive | Avg 12W |
|---|---|---|---|---|---|
| z ≥ 2.0 (extreme long) | 34 | 29.4% | 23.5% | 29.4% | +4.11% |
| 1.5 ≤ z < 2.0 | 49 | 20.4% | 14.3% | 14.3% | +4.72% |
| 1.0 ≤ z < 1.5 | 70 | 32.9% | 27.1% | 12.9% | +3.65% |
| neutral (−1.0 < z < 1.0) | 474 | 48.1% | 48.6% | 47.7% | +3.17% |
| −1.5 < z ≤ −1.0 | 88 | 68.2% | 64.4% | 74.4% | +2.28% |
| −2.0 < z ≤ −1.5 | 36 | 52.8% | 57.1% | 62.9% | -0.44% |
| z ≤ −2.0 (extreme short) | 30 | 76.7% | 72.4% | 65.5% | +2.22% |
Overlapping historical observations. Periods and sample sizes are shown so the comparison can be read in context.