Volume Spin

When I was exclusively trading stocks back in the day, I would often short overextended momentum stocks.  These stocks eventually had sharp downturns, but the trick was to time it as close to the top as possible to take minimal heat while being short.  One of the tell tale signs I would look for is volume spin.  The stock would be in an uptrend, near its highs, and the volume would surge while the stock price oscillated in a range during that time.  This surge in volume while price remains relatively stable is volume spin.  This would often be a sign that we had hit the top and supply had met demand at current prices. 

Now the past 2 days, the market has gone up, but I have noticed that the volume has gone up with it unlike the previous 2 weeks.  This despite the market only adding marginal gains in the SPX.  I believe this is a top signal and we should expect weakness today.

By the way, today is rollover day for futures, I will be mentioning the June ES contract prices when I mention any numbers from here forward.