BREAKING: Trading volume in the S&P 500 ETF, SPY, fell to just 22.6 million shares on Friday, the lowest for a full trading day since November 25th, 2005. Excluding sessions around market holidays, Friday's volume was the lowest since October 11th, 2004. By comparison, volume fell below 20 million shares on December 24th, 2019, but that was during a half-day trading session. On Monday, trading volume fell to just ~18 million shares, the lowest non-holiday reading since 2003. As a result, the 5-day average of SPY trading activity declined below 30 million shares, its lowest on record. Meanwhile, the three previous low-volume periods in December 2024, February 2025, and August 2026 were each followed by an S&P 500 pullback. Markets are in consolidation mode.