BOFA: TREND FOLLOWERS BUILDING US EQUITY SHORTS AHEAD OF TARIFF DEADLINE CTA models show growing short positions in the S&P 500 (largest since Feb 2016) and NASDAQ-100 (most elevated since Jan 2023). Short- and long-term traders likely hold significant Russell 2000 shorts, while European stocks remain long and Nikkei-225 short. A EURO STOXX 50 sell trigger is just 1.2% away.