Market liquidity is improving: Top of book depth in the S&P 500 futures jumped to $10.8 million in the week ending Tuesday, the highest since January. This marks a +440% increase from the ~$2.0 million low recorded last month. The current reading is also higher than 84.6% of all observations over the last 2 years. By comparison, the peak over this period was ~$17.0 million, recorded during the market's rally following President Trump's 2024 election victory. ETFs accounted for ~28% of total volume in the week ending Tuesday, in-line with the historical average, after exceeding 40% for most of March. Falling ETF trading volumes are typically associated with calmer markets and greater investor confidence in individual stock selection. Market conditions are stabilizing.(The Kobeissi Letter)