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The 200 day moving average

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So far SPX futures bounced right on the 200 day. Some potential flows to watch according to JPM: 1. 200 day "...represents the largest CTA level and could trigger ~$50bn of selling. 2. Per Friday gamma was around $35 towards puts..."represented about $10bn of selling". 3. Volatility target funds and leveraged ETFs "contribute ~$5bn of selling."

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