Recent reports indicate a marked decline in liquidity for S&P 500 futures, with volumes described as anemic and liquidity levels reaching a two-year low. Analysts have noted that this liquidity drain may lead to a sharp downturn in stock prices. The situation has raised concerns among market participants, as the reduced liquidity could exacerbate volatility in the coming trading sessions. The trend has been corroborated by multiple sources, highlighting a consistent theme of diminishing market depth in futures trading.