Caution! Markets can rally in low liquidity too!

👀 Today we check out the current state of the market, really by looking at the liquidity backdrop of the ES.

What is driving the recent push up and what does the macro backdrop say?

We look at the dollar and the Dollar Smile, manufacturing data and what the Fed has been saying...

To come to the conclusion that we should still be cautious.

WE ARE NOT BEARISH, WE WANT MARKETS TO RALLY FOREVER...

We are simply giving our best probabilistic view on where things are headed!

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