According to strategist David Chew, the sharpest adjustment occurred in the Nasdaq, where positioning "reset lower but remains vulnerable given all longs are currently in loss." U.S. positioning is said to have deteriorated sharply as the AI and technology selloff triggered widespread de-risking, with flows "overwhelmingly bearish across large caps." While S&P 500 positioning eased primarily through long unwinds, Citi said Nasdaq positioning saw "a more aggressive combination of long liquidation and new short flows," leaving positioning at a one-month low. In Europe, Citi noted that bearish positioning is building faster than prices are falling, with European investors continuing to reduce risk through profit-taking and new shorts. Related articlesCiti's Chew says U.S. stock positioning unwind may not be overCiti pushes back Fed rate cuts to May after blowout January jobs reportThese 2 stocks are best positioned to benefit from higher uranium prices: analyst