![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYpyGK8P2232DMRXeHAn30SZZckai0h4z-B1Kw_hzVahUouft0OgK-FHIsj3WlM_C-gNSgh10fyFtR-60wY228IHk3uLD9UO-9hPHLENkODf5THonME_hYZpZxRfUApqhUHE7j9w/s400/SPYVolume.gif)
In the recent past, spikes in SPY volume relative to general market volume have occurred at market lows as a function of panicky selling. To that degree, SPY traders as a whole have not looked like smart money; spikes in their participation have been a contrary indicator. This was particularly evident during the market weakness of late February/early March.
This is the first time I can recall during the bull market when we've had an elevated ratio of SPY:NYSE Volume on a market rise. It invites the perception that, just as SPY traders panicked on the downside during the Feb./Mar. weakness, they are now panicking to the upside, eager to get into a market making fresh all-time highs.
I'm watching closely to see if this, too, proves a contrary indication of sentiment.
RELATED POSTS:
NASDAQ Volume as a Sentiment Measure
Equity Option Volume and Sentiment
Mutual Fund Sentiment