Citi analysts said in their equity markets positioning model note on Tuesday that bullish positioning continued to soften for US equities last week.
The investment bank revealed that S&P and Nasdaq notional levels fell during the volatile week, and roll-related activity blurred the lines.
"A mix of flow activity, which was led by new bearish positioning and longs taking profit, led to a continuation of the decline in net long positioning in recent weeks," said Citi.
"US positioning remains overall net long but is more balanced and with profits/losses narrowing this leaves less positioning risks." The bank also noted that profit levels have tapered and the current setup "leaves less positioning risks for both indexes."
Meanwhile, positioning in EuroStoxx and DAX edged higher, with the latter extended on both positioning and profits. In Asia, positioning was said to be more mixed with momentum stalling in China A50.