U.S. equity futures have been experiencing aggressive selling over the past two weeks, following a month of broad declines in major indices such as the DJX, RSP, and IWM. Concerns about the stock market's health have been raised, particularly in light of recent movements in the Federal Reserve's reverse repo operations. On December 30, 2024, 57 counterparties participated in a reverse repo operation, taking $260.743 billion. This figure increased significantly on December 31, 2024, when 80 counterparties took $473.46 billion. The overnight reverse repo saw a notable drain of $213 billion from U.S. markets on December 31, marking the largest single-day increase since December 30, 2022. Analysts suggest that this could lead to further declines in the S&P 500, recalling a similar pattern from the previous year.