Bespoke has a very interesting article on the anemic volume of the US stck market, "Using the S&P 500 tracking ETF (SPY) as a proxy, the 50-day average dollar value of volume in the ETF has declined by 54% since its peak last Fall. It is also currently at its lowest level since the S&P 500 peaked in October 2007."
In the graph below we can see the drop in the dollar volume on the SPY.
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