30d (edited) • Daily Macro Desk
JP Morgan’s $18 Billion S&P Collar: Why 6865 Matters to Traders
JP Morgan’s $18 Billion S&P Collar: Why 6865 May Be the Quarter’s Control Point, Not Just Resistance
One of the most important institutional levels in the S&P right now is not coming from a moving average, trendline, or retail indicator.
It is coming from JP Morgan’s quarterly option collar.
Each quarter, JP Morgan hedges roughly $18 billion of S&P equity exposure using a structured collar. The current framework is widely understood as:
- Short 6865 calls
- Long 6180 puts
- No meaningful protection below 5210
At first glance, many traders will look at this and say one simple thing: Full Article
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JP Morgan’s $18 Billion S&P Collar: Why 6865 Matters to Traders
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