The Latest CTA Positioning And Gamma Update

Last week, Goldman's head of hedge fund coverage, Tony Pasquariello, warned that "sentiment measures are elevated, the trading community is quite long, the momentum factor is very stretched and valuation is tricky", with the bank's futures trading desk adding that the "bank's systematic models continue to point to significant long positioning in US equities from this community after an incremental $2b of simulated buying this week, with Emini length currently >90% of the model’s historical long position."

Fast forwarding a few days, to a new week, what is the latest update on technical positioning?

For the answer we go to Goldman and BofA, whose derivatives strategists have provided their latest weekly positioning update (full notes available here: Goldman and BofA).