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Macrobriefing
Jan 26, 2023 2:24 PM

US500 long Long

CURRENCYCOM:US5001D
US 500Currency.com

Description

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Equity rally due to systematic buying and HF short covering. Short interest has halved from
the Q4 highs for EU equities, but is still elevated in the US. Macro HFs and CTAs have turned
outright long equities, and their exposure is close to 12m highs, yet still below average. Long
short funds have also reduced short positions, but their net exposure remains low too. Risk
control funds’ exposure has increased only modestly and remains depressed by historical
standards. So there is room left for more systematic/HF buying. In contrast, mutual funds
remain long cash and have dumped equities in recent months. As a result, their equity beta is
close to the lows. Similarly, the bid from retail investors to equities has waned, with US
households turning outright sellers of stocks. ©Barclays Equity Research

Trade closed manually

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Trend AnalysisChart PatternsTechnical Indicatorsus500SPX (S&P 500 Index)S&P 500 (SPX500)IndicesEquitytrendbreakouttradingsignals
Comments
JoeChampion
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Well done i'm watching to buy below 4k!
Macrobriefing
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@JoeChampion, yeah, that is a good idea. I am certainly not bearish yet. The fiscal flows are very strong currently but we're heading now toward the March and April tax periods. We also need the debt ceiling resolved and for everyone to be super bearish. The AAII sentiment flipped to being +ve recently. If I get a buy signal again, and all else remains equal, I'll post here for sure.
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