This weeks COT data shows the interesting point that commercials reduced their NetShort% positions by 5% within 2 weeks... That's a whole lot. Positioning is back to long time average. So I would not expect a further healthy reduction of 2-3% in their positioning. On the other side HYG/JNK shows some dip and one can expect crude to follow. But be aware that any rumor on Russia/SA agreement on production freeze/cut will result in another significant short squeeze..
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If bulls are really lucky we will see in this evening's COT data a net short % positioning of 12-13% by commercials. Expecting a similar rally like Feb/Mar .