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Trading volumes in major ETFs such as $SPY, $QQQ, and $IWM have hit record lows, indicating significant trader complacency and lack of market activity. The $SPY traded as low as 22.5 million shares, the lowest in years, while $QQQ saw its 20-day average volume at a 2.5-year low. $IWM also experienced its lowest volume since December 2022. Analysts note that the market is inflating on historically low volume, with the S&P 500 trading at levels not seen since 2017, implying a lack of commitment from investors.
Still a lot of time in the day, but the S&P 500 ETF ($SPY) is on pace for its narrowest intraday range since the Friday after Thanksgiving. Today also the 4th day in a row where intraday range was below 0.5%. That would be the longest streak since Sept 2021.
.@tgmacro: "The stock market is similarly inflating and currently levitating on historically low volume. The S&P 500 traded 31.5M shares yesterday. That’s the lowest volume trading day since 2017, which seems like a millennia ago."
Yesterday was the lowest full day $SPY volume since 2017 -- and today is much worse! Bloomberg is currently projecting only 26.5 mil shares - we are running 69% the average daily volume of the past 100 sessions kind of wild https://t.co/vIXJuvxM7T