Goldman Sachs: Excessive crowding of long positions increases the risk of a pullback in the US stock market.
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Goldman Sachs strategists have stated that the influx of bulls into the stock market increases the risk of a pullback after a strong rebound by the end of 2023. The strategists point out that both stock positions and sentiment have risen to relatively bullish levels, which often dampens further upside in the market. Additionally, the strategists believe that technology stocks have taken the lead in this rebound, and a narrowing breadth suggests that recent returns may plateau. Goldman Sachs strategists expect a significant amount of funds deployed in money market funds to shift towards the stock market, further driving the market higher.
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