Active Managers Turn Aggressively Bullish, Lifting S&P 500 to 7,564

Active managers have sharply increased U.S. equity allocations, driving the NAAIM Exposure Index to year-to-date highs. This follows reports that S&P 500 options skew fell toward a two-year low, signaling reduced demand for downside protection and rising complacency. The bullish positioning has supported modest index gains, with the S&P 500 closing at 7,563.67, up 0.58 percent, and SPY at 754.60, up 0.55 percent. Higher active-manager exposure could amplify upside momentum but also heightens vulnerability to any sentiment reversal.