CTAs have a gradually growing aggregate net long position in S&P 500 futures. The S&P 500 has held above 3,390 despite the recent downward adjustment, during which CTAs averaged down on the assumption that the decline is a dip and not a trend. CTAs’ overall position does not look overextended, as it is at just the 38th percentile level for the period since 2000. CTAs will likely build their net long position back up to around the 50th percentile level.