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CTAs Cut Nasdaq-100 Futures Exposure by Nearly $3 Billion

The three-session selling run was the largest since March 2025. A CTA positioning Z-score also moved from +2.35 at August’s end to −0.80 a month later.
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The three-session selling run was the largest since March 2025. A CTA positioning Z-score also moved from +2.35 at August’s end to −0.80 a month later.