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stocksOct 14, 2026, 11:34 PM

SPY Volume Hits Lowest Non-Holiday Levels Since 2003

Trading volume in the S&P 500 ETF has collapsed to multi-decade lows, with Monday's session around 18 million shares and the five-day average below 30 million.

SPY

Trading volume in the S&P 500 ETF ($SPY) fell to 22.6 million shares on Friday, the lowest for a full trading day since November 25, 2005. Excluding sessions around market holidays, Friday was the weakest since October 11, 2004.

On Monday, volume dropped to roughly 18 million shares, the lowest non-holiday reading since 2003. As a result, the five-day average of SPY trading activity declined below 30 million shares, its lowest on record.

Kobeissi Letter notes that prior low-volume periods in December 2024, February 2025, and August 2026 were each followed by an S&P 500 pullback. Markets are now described as being in consolidation mode.

Source: The Kobeissi Letter