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Investing.com -- CTAs are expected to be small sellers of equities across all market scenarios in the coming week, according to Goldman Sachs equity derivatives and flows specialist Cullen Morgan.
This selling activity would follow $1.2 billion in global stock disposals by this group last week, Morgan noted in a client communication.
"Positioning is still high, in the 94% percentile," Morgan wrote in his note. He added that if stocks experience a significant decline this week, the fund group could reduce exposure by as much as $32 billion.
Morgan identified key levels for investors to monitor in the S&P 500 Index: 6,679 points in the short-term and 6,386 points in the medium term.
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