Speculative net long position is the net long position of all orders held by all speculators in the market. It regards speculators as a whole. If the speculative net long position is positive, it means that speculators are mostly bullish, and vice versa.

However, please note that if the speculative net long position is positive, then the net long position of these institutions (such as banks) to buy futures and options in order to limit losses and hedge risks is negative, but this does not mean that banks are bearish on the market and think that spot prices will fall. They buy short simply because they are afraid of the change of spot price, which is just to hedge financial risks, just like buying insurance.