Over the holidays it was easy to ignore the low volume and dismiss it as typical holiday traffic. Traders may have now returned but trading volume is still lacking. The low volume isn’t blatantly obvious because it’s still higher than it was during the holidays. Still, it’s definitely going in the wrong direction here. Below is a study I looked at last night using SPY.

The edge isn’t huge here but it does suggest a bit of downside is likely in the very near future. (And based on the futures the pullback could be starting this morning.)