Goldman Sachs: Hedge Funds build Long positions after 3 weeks of selling.

Hedge funds are starting to build long positions on U.S. indexes again after three weeks of selling, according to Insight Info from Goldman Sachs Prime Brokerage.
-Goldman says the strong economy will continue to support markets in times of turmoil.
-Hedge funds are buying tech stocks at the fastest pace in two months.

Long positions in the big players are again outnumbering short positions, and some individual stocks are reporting “the most bullish interest in a year.” Net Long currently stands at $34.5 billion , well off the record $48.2 billion at the start of the year, but the pace of catch-up is impressive.

The SP500 hadn’t corrected more than 5% in more than 6 months, and the current pullback in quotes has provided good buying opportunities with the underlying trend.
-The 4,950 level is currently a key support area coinciding with the 100SMA.
-Risk appetite is starting to improve as traders are awaiting key Q1 reports from magnificent 7.
-If the positive trend from previous quarters continues, this will support the US stock market as investors increasingly focus on earnings rather than interest rate and inflation outlook.