It’s been about a month & a half since our last check in on Volume Sentiment Analysis on 2/19/2025, in an environment of heightened volatility, which was easier to navigate with the last note.
Last night the VIX closed at 21.77, indicating an implied one day move of +/-1.37% & an implied one month move of +/-6.29% for the S&P 500.
Volumes have slowly begun creeping back to their previous year’s normal levels Y-o-Y over the past few weeks, after a year of subpar volume vs. the prior year’s previous year’s average volume level, but there is still a long way to go considering how many months of weak participation we saw in 2024.
Using last week’s note as a benchmark Y-o-Y SPY prior year’s average volume is -32.31% compared to one year ago (52,680,680 vs. 77,829,780), QQQ’s is -28.53% Y-o-Y (35,199,440 vs. 49,253,412), IWM’s is -16.41% Y-o-Y (28,651,440 vs. 34,276,900) & DIA’s is -6.36% Y-o-Y (3,188,480 vs. 3,405,069) (prior year’s numbers found here).
Looking at their charts though these levels are becoming more & more elevated as 2025 wears on, which is a trend unlikely to stop anytime soon.
Manufacturing activity contracted M-o-M & investors are eagerly awaiting today’s tariff news in the coming hours to see which direction the markets will react in.
In these volatile times it is imperative to have an understanding of how volume is impacting market participants & their decisions.
With this in mind, it is important to understand how each index ETF has performed in recent history, as it lends clues into the strength/weakness of each index’s support/resistance levels.
This can be valuable when assessing risk in the event of retests of any of these levels.
Each section below contains a view of each index ETF’s chart (for a technical breakdown of each ETF’s chart please see this past weekend’s market review note), as well as a list of their current one year support & resistance levels with the volume sentiment noted beneath it on the table.
There is an additional table beneath this table with each price level’s sentiment, as well as a typed text version below that is able to be copied & pasted.
Note that “NULL, 0:0*” values denote areas that each name has traded at but with limited volume data to work with from a comparison standpoint in terms of creating a ratio of buyers:sellers (or vice versa) or is the outlier above the highest/lowest level with price data.
Also, prices that do have a ratio of Buyers:Sellers (Sellers:Buyers) where the denominator is 0 are denoted with an asterisk “*” as well.
In the written lists of the price levels & volume sentiments the price levels that contain support & resistance levels are marked in BOLD.
Recall that at price extremes such as the highs that we have recently hit there will tend to be skewed data due to the small sample size & factor that into how you interpret each price level’s reported sentiment.
This is intended to serve as an additional tool, similar to a barometer to use during your due diligence process & is not meant to replace doing your own research & is not financial advice.
Price Level:Volume Sentiment Analysis For SPY, The SPDR S&P 500 ETF

SPY, the SPDR S&P 500 ETF‘s volume has begun to reaccelerate in March of 2025, and looks likely that this trend will be continuing for some time.
With volatility likely to continue on as well it is worth reviewing the table below to understand how market participants have behaved at each price level & support/resistance level that they may retest.
It is also worth noting that there are more resistance levels from the past year than support levels now for SPY & that their 50 day moving average is fast approaching their 200 DMA bearishly.
For a more detailed technical analysis of SPY see Sunday’s market review note in the links above.





$610 – Buyers – 0.2:0*, +8.74% From Current Price
$605 – Buyers – 1.5:1, +7.85% From Current Price
$600 – Buyers – 1.38:1, +6.96% From Current Price
$595 – Sellers – 1.35:1, +6.07% From Current Price
$590 – Buyers – 3.42:1, +5.17% From Current Price
$585 – Buyers – 2.15:1, +4.28% From Current Price – 50 Day Moving Average*
$580 – Sellers – 2.11:1, +3.39% From Current Price
$575 – Sellers – 1.33:1, +2.5% From Current Price
$570 – Buyers – 1.54:1, +1.61% From Current Price – 200 Day Moving Average*
$565 – Buyers – 1.4:1, +0.72% From Current Price – 10 Day Moving Average*
$560 – Sellers – 1.45:1, -0.17% From Current Price – Current Price Level*
$555 – Buyers – 1.46:1, -1.06% From Current Price
$550 – Sellers – 1.22:1, -1.96% From Current Price
$545 – Buyers – 1.44:1, -2.85% From Current Price
$540 – Buyers – 1.92:1, -3.74% From Current Price
$535 – Sellers – 1.41:1, -4.63% From Current Price
$530 – Buyers – 2.67:1, -5.52% From Current Price
$525 – Buyers – 1.7:1, -6.41% From Current Price
$520 – Buyers – 4.43:1, -7.3% From Current Price
$515 – Sellers – 1.05:1, -8.19% From Current Price
$510 – Buyers – 1.5:1, -9.09% From Current Price
$505 – Sellers – 1.2:1, -9.98% From Current Price
$500 – Buyers – 1.07:1, -10.87% From Current Price
$496 – Sellers – 1.26:1, -11.58% From Current Price
$492 – Sellers – 1.79:1, -12.29% From Current Price
$488 – Buyers – 1.12:1, -13.01% From Current Price
$484 – Sellers – 1.18:1, -13.72% From Current Price
$480 – Buyers – 5.67:1, -14.43% From Current Price
$476 – Buyers – 2:1, -15.15% From Current Price
$472 – Buyers – 1.75:1, -15.86% From Current Price
$468 – Buyers – 6:1, -16.57% From Current Price
$464 – Sellers – 1.27:1, -17.29% From Current Price
$460 – Sellers – 1.19:1, -18% From Current Price
$456 – Sellers – 0.7:0*, -18.71% From Current Price
$452 – Buyers – 1:0*, -19.43% From Current Price
$448 – Buyers – 1.8:0*, -20.14% From Current Price
$444 – Buyers – 1.53:1, -20.85% From Current Price
$440 – Buyers – 4.46:1, -21.56% From Current Price
$436 – Sellers – 1.03:1, -22.28% From Current Price
$432 – Even – 1:1, -22.99% From Current Price
$428 – Buyers – 1.18:1, -23.7% From Current Price
$424 – Buyers – 1.59:1, -24.42% From Current Price
$420 – Sellers – 1.05:1, -25.13% From Current Price
$416 – Buyers – 1.06:1, -25.84% From Current Price
$412 – Sellers – 1.62:1, -26.56% From Current Price
$408 – Buyers – 3.64:1, -27.27% From Current Price
$404 – Sellers – 1.1:1, -27.98% From Current Price
$400 – Buyers – 1.75:1, -28.69% From Current Price
$396 – Sellers – 1.15:1, -29.41% From Current Price
$392 – Sellers – 1.63:1, -30.12% From Current Price
$388 – Buyers – 3.16:1, -30.83% From Current Price
$384 – Buyers – 1.59:1, -31.55% From Current Price
$380 – buyers – 1.23:1, -32.26% From Current Price
$376 – Sellers – 2.17:1, -32.97% From Current Price
$372 – Sellers – 1.92:1, -33.69% From Current Price
$368 – Sellers – 1.61:1, -34.4% From Current Price
$364 – Sellers – 1.67:1, -35.11% From Current Price
$360 – Sellers – 1.29:1, -35.83% From Current Price
$356 – Sellers – 2.06:1, -36.54% From Current Price
$352 – Buyers – 1.2:1, -37.25% From Current Price
$348 – Sellers – 4.44:1, -37.96% From Current Price
$344 – Sellers – 3.8:0*, -38.68% From Current Price
$340 -NULL – 0:0*, -39.39% From Current Price
Price Level:Volume Sentiment Analysis For QQQ, The Invesco QQQ Trust ETF

QQQ, the Invesco QQQ Trust ETF has also begun to rise from the ashes amid increased volatility in March.
The only way QQQ can find any sustainable legs to climb upon will require a dramatic uptick in advancing volume, which will require a strong macro catalyst based on its current performance.
Like SPY, QQQ is also closer to the bottom of their one year chart than not in terms of resistance:support levels, and with their MACD set to cross bearish by the end of the week & a bearish 50 DMA crossover of the 200 DMA in the coming week or two it will be important to understand their volume trends in order to navigate their price movements.




$540 – NULL – 0:0*, +14.24% From Current Price
$535 – Buyers – 6.67:1, +13.18% From Current Price
$530 – Buyers – 3.33:1, +12.12% From Current Price
$525 – Buyers – 1.35:1, +11.06% From Current Price
$520 – Buyers – 1.53:1, +10.01% From Current Price
$515 – Buyers – 1.5:1, +8.95% From Current Price
$510 – Sellers – 2.79:1, +7.89% From Current Price
$505 – Buyers – 1.25:1, +6.83% From Current Price – 50 Day Moving Average*
$500 – Buyers – 1.65:1, +5.78% From Current Price
$496 – Sellers – 1.4:1, +4.93% From Current Price
$492 – Buyers – 2.61:1, +4.08% From Current Price – 200 Day Moving Average*
$488 – Buyers – 2.16:1, +3.24% From Current Price
$484 – Buyers – 1.17:1, +2.39% From Current Price
$480 – Buyers – 2.3:1, +1.54% From Current Price
$476 – Sellers – 1.2:1, +0.7% From Current Price – 10 Day Moving Average*
$472 – Sellers – 1.19:1, -0.15% From Current Price – Current Price Level*
$468 – Sellers – 1.88:1, -0.99% From Current Price
$464 – Buyers – 2:1, -1.84% From Current Price
$460 – Buyers – 1.78:1, -2.69% From Current Price
$456 – Sellers – 1.94:1, -3.53% From Current Price
$452 – Buyers – 1.36:1, -4.38% From Current Price
$448 – Buyers – 1.17:1, -5.23% From Current Price
$444 – Sellers – 3:1, -6.07% From Current Price
$440 – Buyers – 3.27:1, -6.92% From Current Price
$436 – Buyers – 3.29:1, -7.76% From Current Price
$432 – Sellers – 1.88:1, -8.61% From Current Price
$428 – Buyers – 2.09:1, -9.46% From Current Price
$424 – Sellers – 1.86:1, -10.3% From Current Price
$420 – Sellers – 1.5:1, -11.15% From Current Price
$416 – Buyers – 4.5:1, -11.99% From Current Price
$412 – Sellers – 2.3:0*, -12.84% From Current Price
$408 – Buyers – 4:1, -13.69% From Current Price
$404 – Buyers – 1.91:1, -14.53% From Current Price
$400 – Buyers – 3:0*, -15.38% From Current Price
$396 – Sellers – 2.6:1, -16.23% From Current Price
$392 – Even – 1:1, -17.07% From Current Price
$388 – Buyers – 1.5:0*, -17.92% From Current Price
$384 – Buyers – 1.2:1, -18.76% From Current Price
$380 – Buyers – 2.63:1, -19.61% From Current Price
$376 – NULL – 0:0*, -20.46% From Current Price
$372 – Buyers – 3:1, -21.3% From Current Price
$368 – Buyers – 2.71:1, -22.15% From Current Price
$364 – Buyers – 1.02:1, -23% From Current Price
$360 – Buyers – 1.8:1, -23.84% From Current Price
$356 – Buyers – 1.41:1, -24.69% From Current Price
$352 – Buyers – 3.17:1, -25.53% From Current Price
$348 – Sellers – 3:1, -26.38% From Current Price
$344 – Buyers – 1.64:1, -27.23% From Current Price
$340 -Sellers – 1.09:1, -28.07% From Current Price
$336 – NULL – 0:0*, -28.92% From Current Price
Price Level:Volume Sentiment Analysis For IWM, The iShares Russell 2000 ETF

IWM, the iShares Russell 2000 ETF has seen less drastic cuts in average volume over the past year, but it has begun to uptick as well in March of 2025.
It’s of note that the majority of their one-year support levels fall in the $195-01-196.56 zone, before it opens up to the last line of support from the past year, $189.17.
They’ve already recently broken down to the $195.49/share level, which is going to be an area to keep an eye on in the coming week(s), as a breakdown there could spell more trouble for IWM.



$244 – NULL – 0:0*, +22.3% From Current Price
$240 – Buyers – 3.33:1, +20.29% From Current Price
$236 – Buyers – 1.31:1, +18.29% From Current Price
$232 – Buyers – 1.5:1, +16.28% From Current Price
$228 – Buyers – 1.29:1, +14.28% From Current Price
$224 – Sellers – 1.19:1, +12.28% From Current Price
$220 – Buyers – 1.42:1, +10.27% From Current Price
$216 – Buyers – 1.28:1, +8.27% From Current Price – 200 Day Moving Average*
$212 – Sellers – 1.4:1, +6.26% From Current Price – 50 Day Moving Average*
$208 – Buyers – 1.48:1, +4.26% From Current Price
$204 – Buyers – 1.13:1, +2.25% From Current Price – 10 Day Moving Average*
$200 – Buyers – 1.14:1, +0.25% From Current Price
$198 – Sellers – 1.3:1, -0.76% From Current Price – Current Price Level*
$196 – Buyers – 2:1, -1.76% From Current Price
$194 – Buyers – 1.47:1, -2.76% From Current Price
$192 – Buyers – 1.21:1, -3.76% From Current Price
$190 – Sellers – 4.38:1, -4.77% From Current Price
$188 – Buyers – 1.32:1, -5.77% From Current Price
$186 – Buyers – 1.08:1, -6.77% From Current Price
$184 – Buyers – 2.8:1, -7.77% From Current Price
$182 – Buyers – 2.5:1, -8.78% From Current Price
$180 – Sellers – 1.35:1, -9.78% From Current Price
$178 – Sellers – 1.65:1, -10.78% From Current Price
$176 – Buyers – 1.8:1, -11.78% From Current Price
$174 – Buyers – 2.21:1, -12.79% From Current Price
$172 – Even – 1:1, -13.79% From Current Price
$170 – Buyers – 1.84:1, -14.79% From Current Price
$168 – Sellers – 2.07:1, -15.79% From Current Price
$166 – Sellers – 2.5:1, -16.80% From Current Price
$164 – Sellers – 1.4:0*, -17.8% From Current Price
$162 – Sellers – 1.2:1, -18.8% From Current Price
$160 – Buyers – 1.5:1, -19.8% From Current Price
$158 – NULL – 0:0*, -20.81% From Current Price
Price Level:Volume Sentiment Analysis For DIA, The SPDR Dow Jones Industrial Average ETF

DIA, the SPDR Dow Jones Industrial Average ETF has seen the most consistent volumes Y-o-Y & has been the most resilient of the major four index ETFs, given that investors are still buying & holding onto blue chip names.
This has given them a unique chart compared to the three aforementioned index ETF’s, as their volumes have been less active of recent.
It’s also worth noting that they have more one year support than resistance levels, unlike the others.
Still, it will prove important to have an understanding of their prior volume sentiments when they retest price levels in the near-future.




$448 – NULL – 0:0*, +6.77% From Current Price
$444 – Buyers – 2.3:0*, +5.82% From Current Price
$440 – Sellers – 1.86:1, +4.86% From Current Price
$436 – Buyers – 3.17:1, +3.91% From Current Price
$432 – Buyers – 1.75:1, +2.96% From Current Price – 50 Day Moving Average*
$428 – Even – 1:1, +2% From Current Price
$424 – Buyers – 1.33:1, +1.05% From Current Price
$420 – Sellers – 1.15:1, +0.1% From Current Price – 10 Day Moving Average*
$416 – Buyers – 1.63:1, -0.86% From Current Price – Current Price Level & 200 Day Moving Average**
$412 – Sellers – 3.75:1, -1.81% From Current Price
$408 – Buyers – 3.67:1,. -2.76% From Current Price
$404 – Buyers – 3.17:1, -3.72% From Current Price
$400 – Buyers – 1.22:1, -4.67% From Current Price
$396 – Sellers – 1.75:1, -5.62% From Current Price
$392 – Buyers – 2.33:1, -6.58% From Current Price
$388 – Buyers – 1.64:1, -7.53% From Current Price
$384 – Buyers – 1.44:1, -8.48% From Current Price
$380 – Buyers – 1.05:1, -9.44% From Current Price
$376 – Buyers – 1.43:1, -10.39% From Current Price
$372 – Buyers – 1.06:1, -11.34% From Current Price
$368 – Buyers – 1.6:1, -12.3% From Current Price
$364 – Buyers – 1.92:1, -13.25% From Current Price
$360 – Sellers – 1.5:1, -14.2% From Current Price
$356 – Buyers – 0.4:0*, -15.16% From Current Price
$352 – Even – 1:1, -16.11% From Current Price
$348 – Buyers – 0.2:0*, -17.06% From Current Price
$344 – Buyers – 23:1, -18.02% From Current Price
$340 – Sellers – 1.11:1, -18.97% From Current Price
$336 – Buyers – 1.32:1, -19.92% From Current Price
$332 – Buyers – 1.21:1, -20.88% From Current Price
$328 – Buyers – 1.67:1, -21.83% From Current Price
$324 – Buyers – 1.02:1, -22.78% From Current Price
$320 – Sellers – 1.06:1, -23.74% From Current Price
$316 – Sellers – 1.88:1, -24.69% From Current Price
$312 – Buyers – 1.03:1, -25.64% From Current Price
$308 – Sellers – 1.19:1, -26.6% From Current Price
$304 – Sellers – 1.91:1, -27.55% From Current Price
$300 – Buyers – 1.11:1, -28.5% From Current Price
$296 – Sellers – 1.69:1, -29.45% From Current Price
$292 – Sellers – 3:1, -30.41% From Current Price
$288 – Sellers – 1.17:1, -31.36% From Current Price
$284 – Sellers – 1.67:1, -32.31% From Current Price
$280 – Even – 1:1, -33.27% From Current Price
$276 – Sellers – 8.5:1, -34.22% From Current Price
$272 – NULL – 0:0*, -35.17% From Current Price
*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM OR DIA AT THE TIME OF PUBLISHING THIS ARTICLE ***