Today was another 1% day, meaning the S&P 500 experienced a move of 1%+ on the upside or downside. We received a request to take a look at volume on these 1% days recently, and below is a comparison. As shown, volume in S&P 500 stocks has been much greater on 1%+ down days since the start of August than it has been on 1%+ up days, and the disparity has been even more pronounced than it has typically been over the last 10 years.
In general, volume is greater on down days than up days, so we’re not too surprised by these numbers. That said, if you’re looking for big volume on up days recently as a sign of bullishness, it hasn’t been there.