S&P 500 Hits New Highs as BofA Flags CTA Weakening

S&P 500 reached new highs, up 0.84%, after recovering from March‑April drawdown.
Bank of America analysts say $200 bn of systematic equity long positions were rebuilt since early‑April lows.
CTA buying is fading; models see up to $50 bn selling in a pullback and $77 bn sell‑off week versus $400 m buying in markets.
Trend‑following models stay cautious as volatility; CTA positions in Treasury futures near capacity while traders stay long oil futures despite price drop.