Institutional Insights: Goldman Sachs SP500 Positioning & Key Levels 22/10/24
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Institutional Insights: Goldman Sachs SP500 Positioning & Key Levels 22/10/24
Please see below for a consolidated recap of the various GS positioning metrics. Summary:
1. CTA Corner: We have CTAs modelled long +$114bn of global equities (81st %tile) after selling -$2bn of equities last week globally. We have this cohort as small sellers of SPX in every scenario over the next week (link).
2. GS PB: The GS Equity Fundamental L/S Performance Estimate rose +0.26% between 10/11 and 10/17 (vs MSCI World TR +0.74%), driven by beta of +0.34%, partially offset by alpha of -0.08% on the back of short side losses. The GS Equity Systematic L/S Performance Estimate fell -0.25% during the same period, driven by alpha of -0.39% on the back of long side losses, partially offset by beta of +0.14% (link).
CTA Corner CTA Flows:
• Over the next 1 week…
o Flat tape: +$2bn to buy (-$760m SPX to sell)
o Up tape: +$2bn to buy (-$1bn SPX to sell)
o Down tape: -$18bn to sell (-$2bn SPX to sell)
• Over the next 1 month…
o Flat tape: +$35bn to buy (+$8bn SPX to buy)
o Up tape: +$41bn to buy (+$7bn SPX to buy)
o Down tape: -$153bn to sell (-$31bn SPX to sell)
• Key pivot levels for SPX:
o Short term: 5703
o Med term: 5490
o Long term: 5016
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!