Is the Bear-Market Rally Over?

We're ending August and starting September this week.

Our View

Despite the ES still being up almost 11% from its June low, it’s also down 15% for the year. According to FactSet, net short positions against the ESU (September contract) and ESZ22 (December contract) have skyrocketed over the last few months, reaching levels not seen in two years. 

Down in the first part of the year, the market enjoyed a low-vo…