In the near term, CTAs are expected to remain net buyers of equities, with Goldman projecting around $5.5 billion in purchases if markets are flat and over $7 billion if stocks rise in the coming week, while selling would be limited in a weaker tape.

Over the next month, CTAs could buy roughly $18 billion of equities if markets stay broadly unchanged and more than $37 billion if stocks rally, according to Goldman.

Goldman also flags asymmetric risk: a sustained market decline could trigger more than $100 billion of CTA selling, signaling sizable downside risk if markets weaken decisively.

North American trend signals are well above levels that would trigger widespread mechanical selling, suggesting limited immediate downside pressure from CTAs.

Trend-following funds hold about $93 billion in long global equity exposure, having added around $3 billion last week, with much of that concentration in U.S. equities and roughly $34 billion linked to S&P 500 futures.

Overall, CTAs remain net buyers of global equities in the near term, but Goldman cautions their positioning could amplify losses if a broader downturn emerges.