Bullish flows continue but large profit levels may limit upside for stocks

What is the Impact of India’s Inclusion in the JP Morgan Bond Index

Bullish flows continue but large profit levels may limit upside for stocks - Citi

Published May 31, 2023 06:28

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Bullish flows continue but large profit levels may limit upside for stocks - Citi

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Investors continue to add more risk to U.S. equities, according to Citi strategists. Last week, during which the S&P 500 added 0.3%, bullish flows increased.

Nasdaq positioning is now at 3-year highs with “elevated” profit levels, the strategists note. Tech stocks are surging amid AI-linked frenzy with Nasdaq hitting 13-month highs yesterday.

“Both S&P and Nasdaq futures positioning are currently extended long with positioning risk more extreme for Nasdaq, which is also near one-sided. Average long positioning profits are over 8% for Nasdaq,” the strategists said in a client note.

Hence, they believe the position risks are “very much biased towards profit taking, which could create a headwind against the on-going rally.”

In Europe, the positioning is more neutral, except for the UK’s FTSE index, where short positioning is extended.

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Bullish flows continue but large profit levels may limit upside for stocks - Citi

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