The U.S. stocks momentum remains extremely strong after the S&P 500 secured the first weekly close above 4400 in 14 months.

Last week’s rally extended “the already very bullish positioning in US equities,” according to Citi analysts.

“In fact, current positioning is the most extended measured in the EMP for these markets (going back to 2010),” they said in today’s client note.

Nasdaq ETFs witnessed inflows of $2.3 billion in the past week, which is “significant,” the analysts added.

“The key now is whether bullish momentum can continue post the roll week or if rounds of profit taking and hedging will slow the market in the weeks to come.”

As far as Europe is concerned, the positioning was effectively neutral last week after a sharp jump in the prior week.