Citi strategists said positioning across U.S. and European markets has been repaired over the past week, with short sellers taking the brunt — especially in the S&P 500. Both markets saw investors put fresh money to work rather than simply closing bearish positions. In the U.S., the latest rally has piled up losses for shorts, and a steady grind higher could force heavy S&P 500 short positions to cover.
Citi strategists said positioning across U.S. and European markets has been repaired over the past week, leaving shorts under pressure — with S&P 500 shorts the most exposed.
The team noted that investors in both markets put fresh money to work last week, rather than simply unwinding bearish bets. In the U.S., the latest leg higher has pushed short losses higher. If the S&P 500 keeps grinding upward, its heavy short base could be forced to cover.
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