$33 Billion Potential Sell Pressure: U.S. Stocks Face End-of-Quarter Test The end of September marks not only the end of the month but also the end of Q3, and pension fund rebalancing might bring some extra selling pressure to U.S. stocks over the next few days. According to Goldman Sachs trading desk models cited publicly, this round is expected to involve approximately $33 billion in net stock selling. This type of rebalancing mainly depends on the relative performance of stocks and bonds. For example, if a fund originally planned to allocate 60% to stocks and 40% to bonds, and stocks have risen more, the stock portion in the portfolio would exceed the target. To bring the allocation back in line, the fund would need to sell some stocks and buy more bonds. So, previous gains could lead to selling pressure at the end of the month. Execution is usually done in batches—some funds adjust early, while others complete transactions during the closing auction on the last day of the month. Given the current timing, we’re already in this window, and some adjustments may have already occurred. However, public data doesn’t show the completion percentage, but there is indeed an expectation that $33 billion worth of stocks might still be in the process of being traded. If pension funds sell heavily over the next few days and other buyers don’t step in enough, it could make it harder for U.S. stocks to rise, and any declines might be steeper. Once this round of rebalancing is over and this selling pressure subsides, the market could face less strain. Shoutout to @Gate for trading across more markets!