Everyone is posting this chart, may extreme historical data in the US stock market trigger a bearish trend? The data may be similar, but those two times were bear bottoms. Now let's see where the K-line looks like a bear bottom. This situation (extreme negative net position of S&P 500 futures asset managers/record short hedging+market refusal to further break) has occurred approximately twice in history, and now it is the third time. According to Goldman Sachs futures table and prime broker data (as well as CFTC TFF Asset Managers classification): At the bottom of the March 2020 crash, net positions were extremely negative (similar to the current record low), triggering large-scale short covering and stimulus policies after the market stopped falling, and the S&P 500 rebounded by over 70% within a few months. October 2022 bear market bottom: Similarly extreme short position positioning, ETF/index short exposure is high, rebounded by about 25-30% after stopping the decline until the end of 2023, and bears are forced to clear their positions, contributing significantly. Currently (March 2026): Asset managers sold a net of $36.2B S&P futures per week (at least the largest weekly reduction in the past decade), ETF short positions increased by 8.3% (only more than once in the past 5 years), and overall short exposure reached its highest level since September 2022 (even a 3-year high), with Gross exposure reaching a recent historical high of 307%.