Positioning in the S&P 500 futures market has reached record highs, signaling strong bullish sentiment. Managed money has significantly increased exposure to equities, with the NAAIM survey showing a reading of 98.93, much higher than the Q3 average of 80.82, and the highest since July 3, 2024. Larger trading desks are rolling exposure to higher strikes, with notable activity around the 6,100 level, indicating confidence in further market gains. Citi has noted that S&P 500 positioning is nearing record-long levels and described the sentiment as 'completely one-sided' as bearish positions diminish. Additionally, a 0DTE call wall has been identified between 6,050 and 6,060, while NetGex data shows support for the $SPX.