Offsides Macro
· Offsides Macro
· June 07, 2026 at 20:27
· ⏱ 1 min read
| Read on Substack ↗
Summary
The newsletter's positioning dashboard signals a risk-off tilt: S&P positioning has pulled into the lower quartile, USD remains in the upper quartile with a risk-off bias, and Nasdaq continues to trend near max short (positioned as a hedge). The author flags a setup in 10s & Long Bond for further observation, suggesting rates may be the next catalyst. For markets, this implies persistent defensive positioning in equities and FX, with potential for a bond market move.
•S&P 500 positioning has pulled back into the lower quartile, indicating bearish sentiment.
•Nasdaq positioning has signaled risk-on since early March but is trending near 'max short' – interpreted as a hedge.
•USD positioning remains in the upper quartile and continues to signal a risk-off bias.
•Largest positioning deltas on the week were continued pullbacks in AUD, CAD, and EM FX.