Speculative traders have reduced their net short positions in S&P 500 futures, according to the latest data from the U.S. Commodity Futures Trading Commission (CFTC) updated on 13 February 2026. Net speculative positions improved to -105.1K contracts from a previous level of -132.9K, indicating a moderation in bearish sentiment toward the U.S. equity benchmark.
While positioning remains net short, the shift suggests that some traders may be scaling back expectations of further downside in the S&P 500. The narrowing negative balance can reflect partial short covering or a more cautious stance among speculators as they reassess the outlook for U.S. stocks amid evolving macroeconomic conditions and monetary policy expectations.
Market participants often track CFTC speculative positioning as a gauge of sentiment and potential inflection points in major indices. The latest move toward a smaller net short position in S&P 500 futures will be closely watched for signs of a possible change in risk appetite among institutional and leveraged investors in the United States.
