Less than a week ago, we didn't even bother to discuss the all-important Medium-Term CTA Pivot Level because, at around 5255 it appeared unreachable (at least in the short-term) below SPOT S&P which at 5,463, was trading just around the Short-Term CTA pibot level of 5,475.
Well, so much has changed in the past 6 days - Japan suffering its biggest ever stock market crash, global markets plunging, the VIX exploding to 67, bitcoin imploding, did we mention global market plunging - and fast forward to today when the S&P was trading not just at, but well below the critical Medium-Term CTA Pivot Level of 5,255 which triggers so much CTA selling.
