Institutional Insights: Goldman Sachs SP500 Positioning & Key Levels 7/10/25
Equity Positioning and Key Levels Recap
Date: October 6, 2025 | Time: 4:04 PM
Goldman Sachs & Co. LLC, FICC and Equities
#### Summary of Positioning Metrics:
CTA Corner:
- Current Positioning: Systematic macro equity length is rated around 8 out of 10.
- Performance: CTA/trend-following strategies have shown positive performance recently, recovering nearly all of their year-to-date losses.
- Outlook: Continued small buying is expected in the baseline scenario.
Goldman Sachs Prime Brokerage (GS PB):
- Equity Fundamental Long/Short Performance Estimate: Increased by +0.99% from September 26 to October 2, compared to the MSCI World Total Return, which rose by +1.83%.
- Contributors:
- Beta: +0.87% from long side gains.
- Alpha: +0.12%.
- Equity Systematic Long/Short Performance Estimate: Decreased by -0.59% during the same period.
- Contributors:
- Alpha: -0.64% from long side losses.
- Beta: +0.06%, providing partial offset.
Buybacks:
- Current Status: The ongoing blackout period for share repurchases is expected to conclude around October 24.
- Post-Blackout Activity: Approximately 40% of companies will enter an open window for buybacks after this date.
- Earnings Reporting: Companies typically exit the blackout period 1-2 days post-earnings, with a gradual entry into the open window starting mid-October as earnings reports begin.
### CTA Corner: CTA Flows and Key Levels
#### CTA Flows Overview
Over the Next 1 Week:
- Flat Tape:
- Buyers: $10.10 billion
- Into the US: $1.62 billion
- Up Tape:
- Buyers: $7.85 billion
- Into the US: $1.11 billion
- Down Tape:
- Sellers: $8.45 billion
- Out of the US: $3.97 billion
Over the Next 1 Month:
- Flat Tape:
- Buyers: $19.70 billion
- Into the US: $2.72 billion
- Up Tape:
- Buyers: $13.42 billion
- Into the US: $1.16 billion
- Down Tape:
- Sellers: $203.69 billion
- Out of the US: $76.23 billion
#### Key Pivot Levels for SPX
- Short Term: 6544
- Medium Term: 6261
- Long Term: 5849
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Past performance is not indicative of future results.
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!