At this point, the Nasdaq is a reverse indicator for the Bank Term Funding Program (BTFP). As you would have correctly guessed, the Fed pumped it again the prior week: It was the biggest liquidity injection since the week ended on April 12. While the Fed in fuel injecting on one side, they’re still dribbling out excess balance sheet liquidity on the other:
Haha haven't heard that song in eons. Great take!