Commodity Trading Advisors (CTAs), the algorithm-driven funds that buy and sell based on price trends, have sold -$184 billion in global equities over the last month, including -$55 billion in US stocks alone.

As a result, CTAs are now short -$47 billion globally and -$38 billion in the US, surpassing the April 2025 correction low.

With positioning this extreme, the selling is nearly exhausted, with just -$15 billion in estimated sales over the next week, even if the market goes nowhere.

However, if any positive headline appears, Goldman Sachs estimates CTAs would be forced to buy +$142 billion globally and +$61 billion in the US over the next month.

Any positive headline could trigger the largest systematic short squeeze in at least a year.