CFTC: Equity funds cut CME S&P 500 net shorts by 5,804 contracts

The reduction is modest against a still-large net short, so it reads more as trimming than a directional shift. It matters because it shows leveraged equity funds were not adding bearish exposure into that week, even as the absolute short base stayed elevated. Whether the trimming extends into further weeks, or stalls with positioning still this one-sided, is the open question.