Volume decline

As stocks have rallied, volume in the major equity ETFs has dropped. That's usually given as a negative from textbook technicians, but it's a demonstrably false premise. In a premium note, Troy shows that volume in SPY, IWM, and QQQ have all dropped dramatically. And when any of them have rallied 10% or more and volume plummeted, they've all been solidly higher across most time frames. When IWM rallied 10% over several weeks while its volume fell 20%, it was higher 2 months later 9 of 11 times by an average of 5.6%.