PremiumWhile the S&P is just one good afternoon away from taking out its highs, the past few weeks have been choppy and US equities have been range-bound amidst summer trading conditions. Given a friendly run of data points, one could be frustrated with the market’s lack of torque, but, as Goldman Sachs head of hedge fund coverage, Tony Pasquariello, notes these periods of consolidation have been a feature of the sequence in 2026. Flow-of-funds, Positioning.