Goldman Sachs On July 29, a top trading team warned that although the deleveraging process is nearing its end, market risks have not yet been fully resolved, and multiple key events will continue to suppress volatility.The report noted that global total leverage remains at the 93rd percentile on a five-year lookback basis, and if the S&P 500 continues to decline, the scale of systemic selling over the coming week could reach as high as $24.9 billion—far exceeding the buying volume in a bullish scenario.Against this backdrop, Goldman Sachs recommends actively establishing protective positions, including long-correlation strategies and short-term put options on IWM and popular retail stocks.