Systematic selling of US equities may be running out of steam: Commodity Trading Advisors (CTAs), the algorithm-driven funds that buy and sell based on price trends, have sold -$85 billion in US equities over the last 30 trading sessions. This marks the largest 30-day sale since the 2020 pandemic, when CTAs sold -$105 billion. By comparison, the March-April 2025 correction saw -$80 billion in sales. As a result, CTAs are now short -$37 billion in US equities, the 3rd-highest amount since 2019, behind the April 2025 low and November 2023. Meanwhile, Goldman Sachs estimates that CTAs are set to buy in every market scenario over the next month. The market is setting up for a relief rally.(The Kobeissi Letter)