Large Wall Street speculators don't believe in this market comeback

An artist name Theodore Tsinias who wrapped himself next to the Charging Bull to show his attention about world's behavior amid Covid-19 pandemic in Lower Manhattan, New York City, United States on May 25, 2020.
Tayfun Coskin | Anadolu Agency | Getty Images

(This story is for CNBC Pro subscribers only.)

Rising optimism about an economic recovery has pushed the S&P 500 past the monumental 3,000 threshold, but the big money on Wall Street is not buying the comeback.

Large spectators, hedge funds and big investment firms have pushed their net short positions on the S&P 500 futures to the most aggressive since February 2016, according to Bank of America.