BofA on CTAs in US equities:

“Our model indicates that trend follower long positioning in S&P 500, NASDAQ-100, and Russell 2000 shrunk in the wake of 10-Oct losses but are still meaningfully elevated versus history and could increase further on declining vol… With equity markets at or near all-time highs, stop-loss triggers remain relatively far at this point.”

In that regard they see the top of the selling zones at 6516, 23933, and 2361 for the SPX, NDX, and RUT respectively.