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Analysis: S&P 500 Futures Liquidity is 61% below historical average, with a multi-million dollar order sufficient to move the index

2 hours ago

**March 15 (Kobeissi Letter) — Amid the Iran war, S&P 500 futures liquidity has fallen to $5.1 million, near the lowest level since April 2025’s “Liberation Day.” The reading marks a 61% drop from its historical average of ~$13 million, per Goldman Sachs data, which flags a level below $7 million as a market stress signal.** **Analysis: Low liquidity means a multi-million-dollar order can move the S&P 500 by one point — echoing the volatility triggered by the 2025 tariff announcement. This amplifies institutional trade impacts, so investors should brace for extreme swings.**
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