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'No let up': Bearish sentiment is intensifying - Citi

Published Oct 31, 2023 23:52
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Bearish sentiment intensified in U.S. and global equity markets last week, with traders increasing their short positions in various stock benchmarks, according to Citigroup strategists.

Last week was dominated by "considerable new shorts" and no new longs in the S&P 500 Index and Nasdaq 100, the strategists said.

“Net positioning is now extended across both indices,” the analysts said. “Short profit levels are sizeable but not at extremes. However, risks are greater for the S&P, where short position profits are relatively larger, and this leaves increased risk of near-term profit taking.”

This heightened bearish positioning is attributed to ongoing macroeconomic and geopolitical uncertainties, with limited signs of optimism seen in the market.

Elsewhere, Europe’s EuroStoxx also saw increased bearish positioning last week, making it “the most extended short of the indices we track.”

“Short positioning profits are large, like the S&P this leaves profit taking risks elevated,” the analysts added.

SPDR S&P 500 ETF Trust (ASX:SPY)

'No let up': Bearish sentiment is intensifying - Citi
 

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