--- title: "The second largest buy order in history is coming: Goldman Sachs expects CTAs to buy $45 billion this week, has the technical bottom of the US stock market been established?" type: "News" locale: "en" url: "https://longbridge.com/en/news/282464651.md" description: "Goldman Sachs expects commodity trading advisors (CTAs) to buy approximately $45 billion worth of U.S. stocks in the coming week, with $34 billion concentrated in the S&P 500 index. This buying scale sets a record for the second largest in history, reflecting a trend of the market shifting from net sellers to net buyers. This change could have a lasting impact on the stock market, especially under the structural changes in dealer gamma, where the suppression of market rebounds has reversed" datetime: "2026-04-13T00:38:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282464651.md) - [en](https://longbridge.com/en/news/282464651.md) - [zh-HK](https://longbridge.com/zh-HK/news/282464651.md) --- # The second largest buy order in history is coming: Goldman Sachs expects CTAs to buy $45 billion this week, has the technical bottom of the US stock market been established? According to data analysis from Goldman Sachs, Neil Sethi of Sethi Associates pointed out that a series of technical forces are converging to boost the stock market this week—and this pattern may be more enduring than it initially appears. In terms of capital flows, Goldman Sachs' model indicates that Commodity Trading Advisors (CTA) will buy approximately $45 billion worth of U.S. stocks in the coming week, with about $34 billion concentrated in the S&P 500 index. This marks the second-largest recorded buying valuation. This shift reflects a transition in systematic positions, changing from net sellers accumulated since the beginning of the first quarter to net buyers. The so-called Commodity Trading Advisors (CTA) are actually a broad category of systematic, rules-based investment funds. They trade across asset classes (stocks, bonds, commodities, currencies, derivatives) and typically use trend-following algorithms. They do not make subjective macro judgments but instead react to price signals: they flow into assets moving in a specific direction and exit when trends reverse. This makes them an important source of mechanized, momentum-driven capital flows—especially when models shift from "sell" to "buy." The resulting trading activity can be massive and relatively predictable in the short term, which is why their positions are seen as an important reference for market technical inputs. However, in this case, a more structurally significant development may be the changes in dealer gamma. As we enter 2025, dealer gamma was highly concentrated above market prices—this positioning repeatedly suppressed rebounds, as dealers mechanically sold during upward trends to hedge their long call positions. Goldman Sachs noted that this created a persistent "ceiling effect" throughout the first quarter. Now, this situation has reversed. Dealer gamma has shifted below current market levels, and dealers currently hold short gamma above. The gamma price spread between "up 5%" and "down 5%" has reached a historical high—indicating a historically extreme asymmetry in dealers' responses to capital flows and price volatility. A market decline will attract dealers to buy (as they need to rebalance their short put option hedges); while a market rise will trigger further buying (as dealers chase delta on their short call option accounts). ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260413/1776039959651667.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) The mechanical capital flows that previously suppressed the market in the first quarter are now acting to amplify market gains. Goldman Sachs' warning—"all else being equal"—is worth noting. If a macro shock occurs that significantly re-prices volatility, this gamma dynamic could quickly unravel. However, in the absence of such catalysts, the structural backdrop supporting a sustained rise in the stock market is in one of the most favorable states in history ### Related Stocks - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [VOO.US](https://longbridge.com/en/quote/VOO.US.md) - [SPY.US](https://longbridge.com/en/quote/SPY.US.md) - [IVV.US](https://longbridge.com/en/quote/IVV.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [GS-A.US](https://longbridge.com/en/quote/GS-A.US.md) - [GS-D.US](https://longbridge.com/en/quote/GS-D.US.md) - [GS-C.US](https://longbridge.com/en/quote/GS-C.US.md) ## Related News & Research - ['Deep Left-Tail Should Be Bounded': Goldman's Hedge Fund Honcho Lays Out Portfolio Context For The Next Few Months](https://longbridge.com/en/news/282568711.md) - [HEDGE FLOW-Hedge funds rush into bullish stocks bets ahead of weekend US-Iran talks, Goldman note says](https://longbridge.com/en/news/282522611.md) - [Goldman Sachs CEO Says As The Quarter Progressed, The Macro Environment Started To Weigh On Sentiment - Conf. 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