Zooming out just a little further, the S&P 500 has soared 6.6% over the past six trading sessions, its best such run since November 2022. While markets slumped last week, many traders backed away from taking risks in derivatives or stock markets, making it tougher to trade these contracts. For example, JPMorgan analysts estimate that liquidity in S&P 500 and Nasdaq futures recently dropped to levels seen around the 2022 downturn.