Stocks.Must.Close.Green. Lowest 4-Day Volume in 5 Years

Tyler Durden's picture

Another day, another low volume, low range, VWAP-reverting, must-close-green move in S&P 500 e-mini futures and stocks in general. The last 4 days have been the lowest volume for a non-Xmas holiday week since 2007 in futures and NYSE volumes are just remarkably bad compared to even normal cyclical seasonal dips. The range-compression in equity markets is very reminiscent of last April/May's top but the magic 1400 level was held and maintained by an entirely VWAP-clinging afternoon of trading. HYG dipped intraday and recovered to unch (underperforming once again). VIX ended just in the red at 15.28% - and also had a very narrow range day. Gold led stocks higher even as the USD rose notably (with EUR weakness the main factor) and Treasuries with by far the greatest relative range - thanks to the 30Y auction tail (which was bid like crazy after to end unchanged). The USD is now 0.36% up on the week - but Gold/Silver/Copper/Oil are all up from 1%-2.5% on the week. Broad risk-assets and ETFs all ended the day in sync with stocks as Materials and Energy outperformed while Consumer sectors underperformed (along with financials). Another odd day to say the least.

Futures Volume in the last 4-days is (ex-Xmas) the lowest since early 2007... and the last 2 days have seen the lowest range since April of last year!

 

and NYSE volume is dismal compared to the last five years - even adjusted (below) for seasonal weakness...

 

but we feel perilously close to something here...

 

as moderation and complacency begets exuberance and chaos...

 

but ES is looking like it needs to drop to refuel if its going higher...

Chart: Bloomberg

 

Bonus Chart: The New 'Flash-Crashy' Normal in Best-Buy (Best-Sell) today...