S&P 500 Consolidated COT Report

Neutral – Lower Value Rejected

Price and institutional positioning are not aligned.

Price Action

• Current Week (2026-03-03 → 2026-03-10): ▼ -0.55%
• Previous Week (2026-02-24 → 2026-03-03): ▼ -1.14%
• Pre-cutoff POC (2026-03-03 → 2026-03-10): 6831.25
• Post-cutoff POC (2026-03-10 → 2026-03-13): 6711.12
• Friday 3PM price (2026-03-13): ▼ 6649.7500
• Friday vs Post-cutoff POC: -61.3700 (▼ -0.91%)

What's Changed?

• Open Interest — 2,839,732 (▼ -6,312 WoW)
• Asset Managers — 1,096,280 long / 202,277 short → +894,003 net (31.5% of OI)
• Net ▼ reduced by 102,773 contracts
• Leveraged Funds — 154,585 long / 496,496 short → -341,911 net (-12.1% of OI)
• Net ▲ increased by 57,269 contracts
• Swap Dealers — 138,473 long / 784,298 short → -645,825 net (-22.7% of OI)
• Net ▲ increased by 72,960 contracts
• Other Reportables — 76,447 long / 45,921 short → +30,526 net (1.1% of OI)
• Net ▼ reduced by 8,951 contracts

Positioning Summary

• Asset Managers reduced net exposure during the reporting week.
• Leveraged Fund activity was heavily skewed toward spreading, muting the directional signal from net positioning.
• Dealer Intermediaries reduced inventory, signaling balance sheet contraction.
• Dealer spreading increased, indicating active internal hedging amid elevated trade flow.
• Open interest declined, indicating net risk reduction rather than expansion.

Risk Flags

• Institutional exposure was reduced during a sharp price decline, suggesting de-risking rather than accumulation.
• Post-cutoff trading accepted lower prices than the COT inventory range.
• Dealer inventory contraction suggests reduced liquidity support.