Citigroup strategist states that the exposure to the S&P 500 index has reached a high level, historically followed by a 10% index decline. The long positions of the benchmark index linked futures have been at their highest level since mid-2023 and appear 'particularly high,' the team led by Chris Montagu wrote in the report. 'We are not suggesting investors should start reducing exposure, but when the market has such high positions, the risk of position adjustments will indeed increase,' they stated.