Market activity is skyrocketing: Trading volume in the S&P 500 ETF, SPY, rose to $1.4 billion on Friday, the highest daily total in 2026. This also marks the 5th-highest daily turnover over the last 2.5 years. By comparison, ~$2.6 billion was traded during the April 2025 sell-off. Previous spikes in volume usually signaled near-term market bottoms unless further negative news followed. Friday's volume was also amplified by ~$5.7 trillion in options tied to US stocks, indexes, and ETFs expiring in the largest March triple-witching in at least 30 years. The massive volume of expired options has released billions in capital, which could drive significant market swings this week. Brace for more market volatility.(The Kobeissi Letter)