SPY volume came in at the lowest level in a long while on Monday.  I’ve shown numerous volume studies in the past suggesting price highs and volume lows are typically followed by a pullback.  Below is a study from last night’s letter that examines the current setup.

The numbers here are fairly compelling, especially considering the studies used a long-term trend filter.  Bulls may not want to get overly aggressive in the next few days.  Risk appears elevated.