# Equity-index positioning breadth | PIER20 benchmarks

What share of equity-index futures contracts are leveraged funds positioned more bullish than usual in?

The equity-index positioning breadth measures what share of the four major U.S. equity-index futures (S&P 500, Nasdaq-100, Dow, Russell 2000) have Leveraged Funds Net/OI above their trailing median. When the line reads 100, speculators are positioned more bullishly than usual in every index. At 0, more bearishly. It is a breadth gauge: direction across the index complex, not the size of any single contract.

As of **4 August 2026**, the latest reading is **25.00%**. That is up 0.0 pp over the past year and below its long-run median of 33.33%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Equity breadth |  | 25.00 | 0.00 | 100.00 |
| S&P 500 |  | 0.00 | 0.00 | 100.00 |
| Nasdaq-100 |  | 0.00 | 0.00 | 100.00 |
| Dow |  | 100.00 | 0.00 | 100.00 |
| Russell 2000 |  | 0.00 | 0.00 | 100.00 |

## Last 24 readings

| Date | Equity breadth | S&P 500 | Nasdaq-100 | Dow | Russell 2000 |
|---|---|---|---|---|---|
| 24 Feb 2026 | 50.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 3 Mar 2026 | 50.00 | 0.00 | 100.00 | 0.00 | 100.00 |
| 10 Mar 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 17 Mar 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 24 Mar 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 31 Mar 2026 | 50.00 | 100.00 | 0.00 | 0.00 | 100.00 |
| 7 Apr 2026 | 50.00 | 100.00 | 0.00 | 0.00 | 100.00 |
| 14 Apr 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 21 Apr 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 28 Apr 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 5 May 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 12 May 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 19 May 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 26 May 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2 Jun 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 9 Jun 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 16 Jun 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 23 Jun 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 30 Jun 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 7 Jul 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 14 Jul 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 21 Jul 2026 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 28 Jul 2026 | 50.00 | 100.00 | 0.00 | 100.00 | 0.00 |
| 4 Aug 2026 | 25.00 | 0.00 | 0.00 | 100.00 | 0.00 |

## How to read this benchmark

**What a high or low reading means.** A high breadth reading means speculative bullishness is broad: funds are above-median in many indices at once, the setup most associated with equity rallies carrying speculative support. A low reading means bearishness or low conviction is widespread. Breadth extremes signal consensus: when all four indices sit on the same side, the positioning is crowded and reversal risk is higher than when breadth is middling.

**Why the trailing median as the Baseline.** Leveraged Funds are structurally net-short equity futures (they hedge long cash equity), so a raw Net/OI comparison across indices would compare structurally different ranges. The median of each index's own history is the natural dividing line: it cuts a contract's own range in half and does not presume a fixed 'bullish' threshold that has never applied to a net-short cohort.

**Limitations.** The median is trailing and reflects the past 104+ weeks, so regime shifts (e.g. the 2020 crash) are absorbed gradually. The binary above/below discards magnitude. A reading barely above the median and one at an all-time high both count as '1'. Treat the chart as a cross-index breadth gauge, not investment advice.

## How this benchmark is used

**Broad equity-market conviction.** Rallies and sell-offs differ by whether they are broad or narrow across the index suite. Breadth near extremes signals a consensus that, when it breaks, can act as a unwinding catalyst.

## Frequently asked questions

**What is the current equity-index positioning breadth?**

As of 4 August 2026, the latest reading is 25.00%. That is up 0.0 pp over the past year and below its long-run median of 33.33%.

**How often is this benchmark updated?**

This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.

**What data sources does this chart use?**

The chart is built from Equity breadth, S&P 500, Nasdaq-100, Dow and Russell 2000, sourced from the CFTC Commitments of Traders report.

**Why does this page use the leveraged-funds cohort?**

Leveraged funds are the fastest-moving cohort and the main speculative driver; asset-manager positions move slowly and reflect structural allocation. The breadth signal responds to the speculative side.

## Methodology

- Formula: binary_i = NetOI_i > trailingMedian_i ? 1 : 0; breadth = 100 × sum(binary_i) / validContracts
- Frequency: Weekly
- Sources: Equity breadth (equity-breadth:overall) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; S&P 500 (equity-breadth:sp500) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Nasdaq-100 (equity-breadth:nasdaq) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Dow (equity-breadth:dow) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE; Russell 2000 (equity-breadth:russell) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=COMPOSITE. Data via the CFTC Commitments of Traders report.
- Data through: 4 August 2026
- Last refreshed: 04 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/equity-index-positioning-breadth
Disclaimer: research software output, not investment advice.