GS Stankard Eq Positioning and Key Levels 21Sep2026

GS Stankard - Eq Positioning and Key Levels 21 Sep 2026 Robbie Stankard · Goldman Sachs · Analyst, Equity Derivatives / Positioning Mon 21 Sep 2026, 11:51am ET

Please see below for a consolidated recap of the various GS positioning metrics.

1. CTA Corner: We estimate the systematic trend following community could sell net $10bn of equities this week if prices and vols remain in-line with current levels. At face value, this seems consistent with the market last week given that there was some turbulence around short term threshold levels broadly speaking. The SPX, however, stands as an outlier where we currently forecast a baseline flow of $8.5bn to buy should prices and vols remain around current levels (link). 2. GS PB: Global equities were net bought (+0.5 SDs 1-year), as gross trading activity continued to increase driven by long buys outpacing short sales (3.9 to 1). US equities saw the largest net buying in five weeks (+0.9 SDs 1-year), driven by short covers in Macro Products and long buys in Single Stocks. Info Tech and Comm Svcs were the most $ net bought US sectors for a third straight week, both driven by long buys as short flows remained relatively muted. Meanwhile, hedge funds net sold US Health Care stocks for a fifth straight week and at the fastest pace in nearly six months (-1.8 SDs 1-year), driven by long-and-short sales (link, link). 3. Buybacks: We are currently in blackout window, with ~64% of the S&P500 estimated to be in their quiet period as of today. We estimate ~85% in blackout by the end of the week. Reflecting our desk’s transition toward blackout, we are seeing an increasing number of 10b5-1s start on the desk. Once earnings season begins in October, we expect blackout restrictions to roll off progressively (link). 4. Charts in Focus: S&P Forecasts, US Panic Index, Risk Appetite Indicator, SPX vs. Singles Skew, Call Skew vs. Put Skew, S&P Futures Liquidity, Funding Spreads vs S&P 500, S&P 500 Implied Correlation

Over the next 1 week... Flat tape: Sellers $10.12B ($6.72B into the US) Up tape: Buyers $5.99B ($8.1B into the US) Down tape: Sellers $45.48B ($6.28B out of the US) Over the next 1 month… Flat tape: Sellers $13.87B ($4.72B into the US) Up tape: Buyers $95.02B ($26.09B into the US) Down tape: Sellers $184.91B ($68.13B out of the US) Key pivot levels for SPX: Short term: 7643 Med term: 7420 Long term: 6944