Nasdaq Positioning "Most Extended Ever", At Point Where Profit-Taking Historically Triggered

A staggering positioning gap has opened up beneath the market's surface.

On one hand, looking at the latest CFTC Commitment of Traders data, the net non-commercial position in Emini S&P futures - the most actively traded index future - is the shortest it has ever been, surpassing even the global financial crisis, the covid crash and the 2011 US downgrade fiasco.