Panic Out, Panic In - Heavy CTA/Short-Gamma Selling Followed by the Largest Two-Day Buy in Months

SPX stuck

SPX bounced cleanly off the lower end of the range and the 100-day, with 6600 (futures) still the key line in the sand. The rebound has been strong, but we’re no longer oversold and now nearing the first resistance zone around 6800. Bigger resistance sits at the range/ATH highs. With no real trend since September, this remains a mean-reversion market... don’t get trapped selling lows or chasing highs.