Speculative positioning in S&P 500 futures--bets on where investors think the S&P 500 will go--turned bearish in Jun and got more bearish since.

Speculative positioning in S&P 500 futures--bets on where investors think the S&P 500 will go--turned bearish in Jun and got more bearish since. That's despite a big rally in Jul. Implies that many still think this is a bear market rally and we could dip back down. pic.twitter.com/PkNEIYOe0k

— Liz Young (@LizYoungStrat) August 4, 2022