The SPDR S&P 500 ETF Trust (NYSE:SPY) was attempting to break up from an intraday inside bar pattern on Wednesday, albeit on lower-than-average volume. The ETF reversed course on May 20, which Benzinga predicted could occur that afternoon. Seven bearish weeks dropped the SPY over 14%.
Volume in stocks and ETFs has been dropping lately, possibly due to the old adage “sell in May and go away,” a term used to explain the seasonally lower volume and liquidity that often plagues the market during the summer months.
