On July 21, Citigroup said that US stock index futures are undergoing a position reset, but there may be further room for unwinding. Strategists including David Chew wrote that US stock positions have deteriorated sharply due to broad de-risking triggered by recent sell-offs in AI and tech stocks, with a bearish trend in the overall funding flow for large-cap stocks. Notably, the position adjustment in the S&P 500 was mainly driven by long unwinding, while the adjustment in the Nasdaq was characterized by a more aggressive combination of long unwinding and new short positions, bringing its positions to a one-month low. (Wallstreet Journal)
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Citigroup Strategists Say US Stock Position Unwinding May Not Be Over Yet
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