From the CFTC positioning data, signals of improving global macro conditions are accumulating. The positioning indicators for the S&P 500 and Russell 2000 on the US stock market still remain at relatively neutral levels. What does this mean? There is still plenty of room for growth. The market currently should have continued upward momentum. Risk appetite is expected to further heat up, and this pace is a good signal for risk assets. In other words, the current macro environment is indeed favorable for the performance of risk assets.