173 million shares and an 8 cent net change. Should be able to draw a conclusion from those two elements. What's missed is it also reflects the underlying basket in aggregate.
what i have heard about is that this pattern is caused by delayed T&S report from Arca. If you watch T&S you can see lots of prints printed out. They were just printed in decent money, but no one can get those, since those are just delayed prints.
Many funds had 1527 on the spx as a target. There were probably a number of stops in that area to buy the breakout. Also fueling the advance was the massive capitulation of the shorts (as a few previous posters confirmed). The funds used the great liquidity to exit their longs. With their size, this was the gift they were expecting (& hoping for).
definitely big volume on spy today, but the end result on the daily chart is a gravestone doji. not exactly a great sign for the bulls. have to wait and see what happens tomorrow to get any confirmation on today's bar.
You guys have no clue, it was the monday after option expiration, that is the reason for the volume on monday morning.