E-mini Nasdaq-100 (CME)
Nasdaq 100 / QQQ positioning
Price series: QQQ ETF · positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026
The CFTC does not report positioning on the QQQ ETF itself. Positioning here comes from E-mini Nasdaq-100 futures, the standard proxy.
Price is rising while this group reduces exposure — the move is losing committed buyers.
price +4.8% · asset managers net position -5,814 (contracts, over 8 weekly reports)
Price vs positioning (contracts)
Price on top, and what the big traders were holding underneath it.
COT Index
0–100 · vs last 3 yearsHow extreme today's positioning is compared with this group's own history.
Each group's current net position, rescaled 0–100 against its own high and low over the selected lookback. 0 = most bearish it has been in that window, 100 = most bullish. Unitless by design, so markets of very different sizes can be compared.
Leaning long, but not yet at an extreme.
Leaning short, but not yet at an extreme.
Middle of its own historical range — nothing stretched.
Leaning long, but not yet at an extreme.
COT Index = ((Current − Min) / (Max − Min)) × 100, over the last 3 years
Method credit: the 0–100 normalization goes back to Larry Williams' COT work in the 1980s and was developed and popularized by Stephen Briese, author of The Commitments of Traders Bible.
Disagreement Index
contracts · index 0–100How far apart two trader groups are right now.
Gap = group A's net position minus group B's, measured in contracts. The Disagreement Index rescales that difference 0–100 against its own last 3 years: 0 = the two groups as close together as they get, 100 = as far apart as they get.
The two groups are pulling apart, above their usual range.
Left axis: gap in contracts (positive = Leveraged funds is more net long than Asset managers). Right axis: disagreement index, 0–100. Gap tracks Leveraged funds − Asset managers.
Latest week by category
What each trader group was holding in the most recent report.
Positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026, compared with the prior weekly report. Positive net = net long; negative net = net short. COT index is measured over the last 3 years.
| Category | Long (contracts) | Short (contracts) | Net (contracts) | Weekly change (contracts) | COT index (0–100, 3y) |
|---|---|---|---|---|---|
| Non-commercial (large specs) | 85,062 | 51,344 | 33,718 | +12,823 | 76 |
| Commercial (hedgers) | 175,896 | 224,754 | -48,858 | -7,840 | 21 |
| Asset managers | 105,199 | 38,388 | 66,811 | -8,715 | 50 |
| Leveraged funds | 52,680 | 59,067 | -6,387 | +25,485 | 78 |
Signal log — Asset managers
Every past signal in this market, and what price did afterwards.
Every rolling 8-week window classified as a bullish or bearish divergence, or as convergence where price and positioning agree. Price change is in percent; net change is in contracts.
Each row covers one stretch of weekly reports: the % is the price change over that stretch, the net figure is the change in the group's net position, in contracts.
- Bearish divergenceJul 21, 2026 → Sep 15, 2026price +4.8% · net position -5,814 contracts
- Convergence — healthy downtrendMay 19, 2026 → Jul 28, 2026price -4.1% · net position -15,542 contracts
- Bearish divergenceApr 21, 2026 → Jul 7, 2026price +9.3% · net position -5,321 contracts
- Convergence — healthy uptrendFeb 17, 2026 → Jun 9, 2026price +18.5% · net position +9,526 contracts
- Bearish divergenceFeb 10, 2026 → Apr 7, 2026price +1.5% · net position -14,566 contracts
- Convergence — healthy downtrendDec 16, 2025 → Mar 31, 2026price -5.2% · net position -22,832 contracts
- Convergence — healthy uptrendNov 10, 2025 → Jan 13, 2026price +2.0% · net position +10,488 contracts
- Bearish divergenceSep 16, 2025 → Dec 9, 2025price +2.4% · net position -1,656 contracts
- Convergence — healthy uptrendMar 11, 2025 → Sep 30, 2025price +25.8% · net position +41,244 contracts
- Convergence — healthy downtrendDec 31, 2024 → Apr 22, 2025price -8.9% · net position -34,949 contracts
- Bearish divergenceOct 29, 2024 → Feb 11, 2025price +10.4% · net position -3,978 contracts
- Convergence — healthy uptrendSep 3, 2024 → Dec 17, 2024price +15.6% · net position +5,247 contracts
Source: CFTC Commitments of Traders — positions as of Tuesday, published the following Friday. All position figures are futures contracts unless the % of open interest view is selected. Positioning is a sentiment tool, not a timing signal. Not investment advice.