Exposure to the S&P 500 has reached levels that were followed by a 10% slump in the past, according to Citigroup Inc. strategists.
Christian Dass and Sagarika JaisinghaniNate Thooft, CIO, senior portfolio manager of Manulife Investment Management, joins us and talks about his views in the market.
Long positions on futures linked to the benchmark index are at the highest since mid-2023 and are looking “particularly extended,” the team led by Chris Montagu wrote in a note. The S&P 500 had fallen 10% from August through October last year on worries that the Federal Reserve would keep interest rates higher for longer to combat elevated inflation. Technology heavyweights bore the brunt of the losses, exacerbating declines for the broader market.
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