This measure of Liquidity (blue line) generally tracks
SPY
(orange line). Both were generally declining throughout 2022 and then increasing in 1H 2023. However, in the last month or so there has been a marked divergence, the resolution of which may be an important aspect of equity market direction. One to watch.
SPY
(orange line). Both were generally declining throughout 2022 and then increasing in 1H 2023. However, in the last month or so there has been a marked divergence, the resolution of which may be an important aspect of equity market direction. One to watch.