The latest Commitments of Traders report was released, covering positions through Tuesday

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers have made a massive reversal in major equity index futures, particularly the S&P 500. In the S&P, they went from a $125 billion net short position in January to $25 billion net long this week. We wouldn't base an entire investment on this single data point, but since the 2008 financial crisis, a large net long position by hedgers has never failed to precede a sustained rally. Hedgers continue to hold a large short position against corn. According to the Backtest Engine, this is the first time in history that hedgers held more than 30% of open interest net short. This kind of behavior tends to happen during parabolic moves that can last for months and then fall apart. They also hold more than 20% of open interest in soybeans net short. The Backtest Engine shows that when they start to cover and this moves above -20%, the parabolic moves are about done. In other commodities, hedgers continue to hold few short positions in energy contracts (relative to the past 8 years), covered a bit in gold, and remain net long palladium.