A market commentary

The 'misbehavior' of markets

May 06, 2025

∙ Paid

I’ve been arguing that the market rout, which started on the 5th of April, should have continued after a pause (rally) in mid-April, based on the historical development of liquidity and markets (in April and May). Clearly, this has not happened.

Daily closing values of the S&P 500 stock market index from the 2nd of January 2018 till 5th of May 2025.

This is where we are now.

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