CTAs Are Sellers In Every Scenario Next Week... And A Massive $185 Billion If Stocks Slide Next Month

Yesterday, the market failed to hold its opening move higher: SPX futures rose as much as 1% and traded in a roughly 1.5% intraday range before closing just fractionally in the green, +1bp. As JPM's Market Intel team writes this morning, the choppy price action was driven by Tech/Semis, with SOXX fading from a 1% gain to as much as a 5% decline before closing -2.2%, after China unveiled new competition for ASML. The market-broadening theme continued, with the equal-weighed S&P continued to push higher even as the Nasdaq enters a correction this morning...