Well the problem with the COT right now is that the open interest is pretty low on a lot of it so it doesn't really matter as much, however like you probably know then the commercial group is pretty massively (and suddenly) short equities across all indices (and commodities show the same overall pictures by the way, commercials are pretty much short everything but natural gas and a few others).
This. Algos don't just run by themselves... I know, I've converted from Manual to Algo over time... They have an "operator" = Pro Trader... Who is constantly tweaking, setting parameters... Algos mainly increase a Pro's productivity 10 times... But it's now 10 times harder to make money = wash. Nothing much has changed... It's just a strange, Fed rigged ZIRP market... When market forces are unleashed again... It will be fear and greed and fear and greed.