$SPY is flashing a liquidity warning, not just a valuation story ✦

Stripping S&P 500 through M2 removes the noise and shows a setup that looks eerily similar to 2000: same extension, same momentum, same late-cycle denial. If this rhyme keeps playing out, the first real line of defense is the 0.382 retrace, where prior cycle support caught the market after expectations ran ahead of reality.

Not financial advice. Manage your risk and protect your capital.

#SPY #StockMarket #Liquidity #Macro #Investing

✦

SPY
SPYUSDT
711.79
+0.74%