The latest GS Sentiment Indicator data shows that U.S. stock investors' positions have shifted from previously being slightly overheated (net long) to now being slightly cautious (slightly net short). Although sentiment has cooled, it hasn’t reached an extremely pessimistic level yet. PS: The GS Sentiment Indicator reflects the stock positions of retail investors, institutions, and overseas investors over the past 12 months. The higher the value, the heavier the overall position and the more optimistic the sentiment. The lower the value, the lighter the position and the more pessimistic the sentiment. This also confirms that while institutional investors have some cash on hand, they are still struggling to drive the current risk market upward.