Analysts at Goldman Sachs said in a note Tuesday that they see CTAs (commodity trading advisers) buying global equities in every scenario over the next week.
The investment bank stated: "We now have CTAs as buyers of global equities & SPX in every scenario over the next week." They have CTAs modeled long $106 billion of global equities after selling $29 billion last week and $55 billion last month.
Key pivot levels for the were also highlighted by the firm. They noted a short-term level of 5,110, a medium-term level of 4,905 and a long-term level of 4,610.
Earlier this month, the investment bank said in a note that trend-following hedge funds could sell $20 billion to $42 billion in U.S. equities over the next month if the stock market continues to decline.
Goldman stated at the time that the S&P 500 trading below 5,135 points "would flip short-term trend from more positive to negative" for trend-following hedge funds.
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