The S&P 500 could be set for another pullback before year-end amid 'euphoric positioning' from investors, RBC says
could be set for one more sell-off before the end of the year, according to RBC Capital Markets.
"US equity futures positioning among asset managers is just barely below its July 2019, September 2018, and January 2018 peaks, which were all in line with pre-Financial Crisis highs and marked significant peaks in the stock market," RBC analyst Lori Calvasina wrote in a note to clients on Tuesday. "Our S&P 500 multi-factor model remains in line with the peaks that have marked the ceiling since late-2017," RBC wrote.
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