The no-volume rally to all-time highs in the S&P 500 is disconcerting to say the least. Why?
No Volume = No Conviction
Here's analysis via Hedgeye CEO Keith McCullough in a note sent to subscribers earlier today:
"Volume continues to crash into the all-time closing SPY highs – yesterday’s Total US Equity Volume (including dark pool) was down -20% and -24%, respectively versus its 1-month and 1-year averages; this cannot be bullish for active vs. passive flows (in June, active saw its biggest monthly outflow since Oct 2008)"