$XOEF

Goldman Sachs warns equity market liquidity tailwinds are fading as positioning becomes crowded, with $25B pension rebalancing flows, exhausted CTAs, and collapsing breadth creating near-term pullback risks.

U.S. stocks rallied Thursday despite rising oil and Treasury yields, driven by options expiration flows and dealer hedging adjustments rather than fundamental improvements.

WTI crude spikes near $120 on Iran tensions; S&P 500 resilient at 3% below records. Strait of Hormuz shipping status critical for determining oil prices and market direction.