Commodity Futures Trading Commission's (CFTC) S&P 500 Non-Commercial Net Positions weekly report reflects the difference between the total volume of long and short S&P 500 futures positions existing in the market and opened by non-commercial (speculative) traders. The report only includes US futures markets (Chicago and New York Exchanges).
So the indicator is a net volume of long S&P 500 index positions in the United States.