SPDR S&P 500 ETF TRUST

Liquidity dried up Sept 7th and Dec 7th

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Book depth fell off and spread jumped on both Sept 7th and Dec 7th. This correlated with a dead-cat bounce in Sept. You can find the chart here: cmegroup.com/tools-information/cme-liquidity-tool.html

In Sept, 3 days later was the peak, then more down. See if it confirms Tuesday or Wednesday.

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