Citi equity market positioning model notes positioning easing, but risks remain

Citi says that a tech-led selloff triggered positioning deterioration across major equity markets, with long unwinds, new shorts and rising unrealised losses driving flows; Nasdaq reset lower, but remains vulnerable with all longs in loss.  DAX moved into bearish territory, while KOSPI faces the greatest deleveraging risk despite elevated positioning.  Upcoming earnings are seen as key to whether positioning stabilises or unwinds further.