Citigroup strategists said that US stock index futures positions remained moderately bullish, but overall exposure declined, indicating that investors' willingness to participate continued to decline before the release of key inflation data. The team led by David Qiu said that the bullish rebuilding momentum of US stock index futures has subsided and short positions have returned; the overall capital flow of S&P 500 stock index futures turned moderately bearish last week, but medium- to long-term holdings are still slightly above neutral levels. The strategist said that the book profit and loss pressure on US futures has not evolved into an extreme position state corresponding to a full-scale capitulation sell-off incident.

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