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

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers continued their highly abnormal behavior of selling aggressively into a decline, increasing their S&P 500 short exposure as the index fell. They're now holding short exposure of around $143 billion in major equity index futures. This is so far removed - exactly the opposite - from their typical behavior over the past decade that it's hard to rule out "something" going on with the data to make it less relevant. In any event, it's hard to put any kind of positive spin on it. Hedgers have finally gotten a nascent rally in palladium, and they reduced their exposure a bit there but remain long to a historic degree. They're now holding more than 80% of open interest in the U.S. dollar net short, which the Backtest Engine shows preceded a loss in the dollar over the next 2-3 months after the only 5 other weeks when they held such an extreme position.