The S&P 500 exploded higher today, or did it?
Looking at the volume of the S&P 500 today, a very interesting picture emerges.
Volume was very weak on the upward move. Logic would dictate that the market should have lots of buyers because it’s fallen so far over the last week. Those buyers did not materialize today.
Buy side volume was fairly weak into the upward move today. However, volume really started to pick up on the downward move. Looking at the Accumulation/Distribution indicator, you can see that the accumulation which took more than 6 hours to build, was all lost in the last 1 hour of trading.