yep SPY Volume is down 42% from this time Friday. New Highs on very light volume is another sign of a top per Wm J O'neils books. Need demand as prices break into new high ground and it doesn't appear to be there in the most widely traded/held ETF.
and u know what else to consider? a/d on SPY has slipped to B- while we are experiencing Multi Month and Multi year highs on the SPX. This is not a good sign. It should be B+, A- or A and it's not. Means the big money that drives prices has been taking profits along the way.