Recent analysis from Citi indicates that the S&P 500 is experiencing extreme bullish positioning, which may pose risks to the market's upside in the coming weeks. Currently, a significant portion of this positioning is on the long side, suggesting that investors are speculating on further gains rather than hedging against potential downturns. This has created a scenario of heightened left tail risk should a downside catalyst emerge. Despite investor caution, bullish sentiment remains strong, with more investors placing bullish bets on equities and bearish positions on bonds over the past month. Notably, the S&P 500 has outperformed global assets correlated to risk sentiment, showing a cumulative outperformance of 4.5% over the last 20 days. As of the latest data, the S&P is projected to gain 0.01% ahead of the New York market opening, with futures up 0.73% since the previous close.