Price by volume shows turbulence at these levels in the S&P 500

Price by volume bars show the amount of activity when the price was at certain levels in a chart. Here, those bars are overlaid onto the S&P 500 and show as those wide horizontal bars from the left side. You can see that the amount of trading volume was highest in this time frame, at the levels that the index price tested yesterday and today. This corroborates what we already know from the OBV indicator, the T Theory charts of Terry Laundry, and some view of the Elliott Wave - that we saw a very fast rally up but those who are in swing trading mode will need to see a better setup - one that shows the movement can have staying power - before committing to buying this market.