What's the Microstructure of the S&P 500?

I think the transition or the change of information and order flow, it shows itself in the markets every single day, right? There's times where you'll take a look at the market and you'll be like, oh, the S&P's down 2% and you turn your head. Those are those type of very fast moves that are demonstrating that the microstructure is changing. And I use this word reflexive because that's really our belief.

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