Liquidity Worries Return

A less likely but plausible path is that investors begin treating low SPY volume as a sign of thinner market depth, especially around macro data, month-end rebalancing, or a large options expiration. The impact is still far below a systemic liquidity event, but it can modestly lift volatility and pressure risk assets.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.