Everyone is sharing this chart - extreme historical US stock data that might trigger a short squeeze?

The data may be similar, but those two times were bear bottoms. Look at the K-line now - where does it resemble a bear bottom?

This scenario (S&P 500 futures asset managers' net positioning at extreme negative levels/record short hedging + market refusing further downside breaks) has historically occurred in approximately 2 major cases. Now it's the 3rd time.

Based on Goldman Sachs futures desk and prime brokerage data (and CFTC TFF Asset Managers classification):

• March 2020 crash bottom: net positioning at extreme negative levels (similar to record lows now), after market stabilized triggered massive short covering + stimulus measures, S&P 500 rebounded over 70% within months.

• October 2022 bear market bottom: similarly extreme short positioning, high ETF/index short exposure, rebounded approximately 25–30% to end of 2023 after stabilization, forced short liquidations contributed significantly.

• Now (March 2026): asset managers' single-week net selling of $36.2B S&P futures (largest single-week reduction in at least the past decade), ETF short positions increased 8.3% (exceeded only 1 time in past 5 years), overall short exposure reached highest level since September 2022 (even 3-year high), Gross exposure near historical high of 307%.