Unusual Price/Volume Pattern for SPY

SPY volume currently running 60% above levels at this time Wednesday, setting up what could be the highest volume session since July 1st. As long as SPY volume comes in above 281 million, it will mark the heaviest volume in over two months, noteworthy when you consider that SPY itself also hit a two-month high today. That’s a very unusual combination, with not a single occurrence in the last five years. Since 1994, there have only been nine other instances in which price and volume both hit a two-month high on the same day. In each case SPY was trading higher three sessions later…

SPY and SPY volume both hit 40-day Highs
11/03/04… SPY +1.9% three sessions later
01/09/04… SPY +1.0% three sessions later
06/06/03… SPY +1.1% three sessions later
06/12/97… SPY +0.7% three sessions later
11/26/96… SPY +0.2% three sessions later
11/15/96… SPY +0.9% three sessions later
02/08/96… SPY +0.5% three sessions later
06/01/95… SPY +0.5% three sessions later
05/03/95… SPY +0.5% three sessions later

Categories : Archived Intraday Commentary, Intraday Commentary

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