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Nasdaq bearish positioning continues - Citi

EditorHari Govind
Published 2023-09-19, 08:36 a/m
© Reuters.
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In the equity markets positioning model note on Tuesday, Citi analysts said net positioning across US equities is on the decline.

The analysts stated there was little change over the last week. Ongoing trends continue, with the S&P remaining near neutral and Nasdaq bearish positioning increasing but not extended.

"Positioning trends in the US have been unchanged in recent weeks, with the S&P seeing a steady decline in net notional levels," they wrote.

"For Nasdaq, changes had been more rapid in recent weeks, but bearish momentum has fallen, and positioning is one-sided. However, profit levels are still small, limiting position risks," they added.

In Europe, there was a greater deviation, with EuroStoxx positioning moderately bearish and the DAX near neutral. However, the "larger swing for FTSE and European Banks has seen rising bullish levels for both indices, with the former now extended on both positioning and profits, elevating near-term profit-taking risks," the analysts said.

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