The S&P was a great case study. It moved down about ½% then went to plus ½% then back down to -1/2% to finish up almost 1%. That reasonably large volatility was on relatively low volume (even by our much lowered volume standards).

Demand and Illiquidity – May the Two Never Meet
It seems clear that in virtually every market, there is no or limited liquidity. Fortunately there has been almost no demand by either buyers or sellers. It seems that most investors have the positions they want and there is no real desire to change that positioning significantly.
That is great news, because if there was a real shift in demand, I think we could see a large move. I believe the move to the downside would be larger than that to the upside, but either could happen. There just isn’t real liquidity. The S&P was a great case study. It moved down about ½% then went to plus ½% then back down to -1/2% to finish up almost 1%. That reasonably large volatility was on relatively low volume (even by our much lowered volume standards).
It is worth watching