S&P 500's Future Uncertain as Bull Market Signals Clash with Bearish Predictions.

The recent wave of liquidity in the equity market is near its end, and depending on how much the reserve balances sink over the next two to three weeks, the S&P 500 could fall back to its October lows. The Treasury General Account is down to its last $85 billion and is set to rise significantly as tax season comes to an end, which should work to drain liquidity from the markets. The decline in the Treasury General Account has helped to provide the markets with excess liquidity, but with tax receipts set to pour in and the recent debt issuances, the Treasury General Account should rise, which should work to drain liquidity from the markets.