Sell low, buy high punters did it again?

CTAs have traded most assets as if they were short gamma, shorting lows and buying highs. The "fat and flat" market has been frustrating for the equity CTA crowd, as they have managed running big shorts at range lows, and big longs at range highs. Chart shows the "upside down" strategy very long the SPX here. It would be almost too perfect we reversed aggressively lower here...