(Bloomberg) -- The post-election rally in US stocks could run out of steam as investors start to take profits, according to strategists at Citigroup Inc.

Investors added to bullish bets last week, pushing exposure to the S&P 500 to the highest level in three years, the strategists led by Chris Montagu said. Long positioning in the technology-heavy Nasdaq 100 and the small-cap Russell 2000 also reflect “an extremely bullish outlook.”

“Profits are elevated for both S&P and Russell and this could lead to near-term profit-taking, which may limit further upside,” Montagu wrote in a note dated Nov. 11.

The S&P 500 hit a record high last week on optimism that President-elect Donald Trump’s “America First” proposals would benefit domestic assets. The so-called Trump trade has also boosted small-cap stocks, which are likely to be supported by his protectionist stance.

--With assistance from Sagarika Jaisinghani.