I've been staring at the SPY chart and noticed something that doesn't sit right. Since the March 30 trough, SPY hasn't just recovered.
It was in fact 18% above the trough and 8% higher than the old high.
But volume tells a completely different story.
Average daily volume since the trough is 53.8M shares, compared to 88.3M in Q1.
That's a 39% drop. It dropped fast and has flatlined around 48M, roughly half the Q1 average.
So what's going on?