SOFR: Net Short Setting Most Prominent In Futures After NFPs
OI data points to net short setting dominating during the hawkish repricing that followed yesterday's NFP report, with only one round of net long cover and one round of net long setting seen in front 14 SOFR futures contracts (only SFRZ5 finished higher on the day). As a result, net short setting dominated through the greens, while net long cover was most prominent in the blues.
| 11-Feb-26 | 10-Feb-26 | Daily OI Change |
| Daily OI Change In Packs |
SFRZ5 | 1,350,563 | 1,343,638 | +6,925 | Whites | +81,724 |
SFRH6 | 1,310,706 | 1,302,211 | +8,495 | Reds | +123,396 |
SFRM6 | 1,434,771 | 1,403,076 | +31,695 | Greens | +157,704 |
SFRU6 | 1,408,885 | 1,374,276 | +34,609 | Blues | -8,359 |
SFRZ6 | 1,445,805 | 1,387,124 | +58,681 |
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SFRH7 | 963,140 | 968,923 | -5,783 |
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SFRM7 | 925,988 | 883,299 | +42,689 |
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SFRU7 | 869,922 | 842,113 | +27,809 |
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SFRZ7 | 1,038,268 | 917,978 | +120,290 |
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SFRH8 | 535,695 | 527,169 | +8,526 |
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SFRM8 | 462,688 | 441,973 | +20,715 |
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SFRU8 | 401,621 | 393,448 | +8,173 |
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SFRZ8 | 383,930 | 383,440 | +490 |
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SFRH9 | 223,420 | 222,680 | +740 |
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SFRM9 | 199,699 | 206,352 | -6,653 |
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SFRU9 | 170,759 | 173,695 | -2,936 |
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OUTLOOK: Price Signal Summary - EUROSTOXX50 Futures Bull Cycle Still In Play
- In the equity space, the trend structure in S&P E-Minis remains bullish and Monday's fresh cycle high reinforces current conditions.The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 7036.74, the 0.764 projection of the Dec 18 - 26 - Jan 2 price swing. On the downside, initial support to watch lies at 6941.50, the 20-day EMA.
- A bull cycle in EUROSTOXX 50 futures is intact and Monday’s cycle high and strong start to the week, reinforces the bull theme. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. The 6000.00 handle has been breached, signalling scope for 6086.99 next, a 1.236 projection of the Nov 21 - Dec 12 - 18 price swing. Initial firm support to watch is 5856.52, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind.
