CHART OF THE DAY: Complacency At All-Time Highs?

Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more. 

"... Looking a little deeper into how the latest all-time high in SPY has become:

1. VOLUME: yesterday’s Total US Equity Market Volume (including dark pool) crashed -26% vs. its 1yr avg
2. VOLATILITY: remained like a ball-under water (sub 14-15 on front month), sucking everyone back to VIX 10-11
3. PRICE: SPY has only moved > +/- 0.5% in 5 of the last 31 trading days (will day 27 of complacency be today?)"