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. 

More In Pro News and Analysis

CNBC ProCramer sees rough week ahead for market: 'Let stocks come down a little and then do some buying'
CNBC ProEnergy stocks roar toward their best year in three decades amid recovery in oil
CNBC ProHere are Friday's biggest analyst calls of the day: Amazon, Facebook, Ford, GM, Delta, Nike & more