Quick Take: Distribution outweighs accumulation. The S&P 500 has logged 7 distribution days against just 2 accumulation days over the last 20 sessions.

Green volume bars mark accumulation days (index up 1% or more on higher volume than the day before). Red bars mark distribution days (index down 0.2% or more on higher volume).

• Accumulation (2): Sep 3, Sep 21
• Distribution (7): Sep 8, 10, 14, 16, 23, 28, 30

The heaviest selling came on Sep 16, the highest-volume session of the period, when SPY briefly dipped to about 750. Even so, price has held a tight 755–775 range. Five or more distribution days in a 20-day window points to institutional selling pressure, so caution is warranted on new long positions until accumulation picks back up.

Across the major indexes: Dow 1/6, S&P 500 2/7, Nasdaq 2/4 (accumulation/distribution days, last 20 sessions).

SPY (S&P 500 ETF) price and volume, data from Interactive Brokers as of the 10/1/26 close. For information only, not investment advice. See our Disclaimer.