October 2, 2025

Hey, Ross here. The S&P 500 just notched another all-time high—government shutdown or not—and I’m not calling “top.” Today’s chart, Goldman Sachs’ U.S. Equity Sentiment Indicator, shows investors still underweight U.S. stocks. Positioning sits below zero, even after a blockbuster Q3, which tells me there’s plenty of fuel left for this rally. As smart money flows back in, opportunities are stacking up. In the full piece, I break down what this means now—and how I’m tracking the next big moves.