Liquidity in ES futures remains sluggish, even as markets hover near all-time highs. The order book depth stands at just 38K, indicating a need for traders to use wider stops and smaller sizes to manage risk. The situation has shown slow but steady improvement, with the depth increasing slightly to 40K. This low liquidity environment suggests that the market can move quickly in either direction, necessitating careful trade selection. The trend is particularly notable as we move into Q4.