Short Thesis - SPY Low Volume Rally

SPY has rallied exceptionally fast since bottoming out in mid to late April, gaining nearly $60 in ~2 months. However, this rally is not supported by volume whatsoever. We have had some of the lowest volume in history on SPY since May.

Here's a volume analysis chart for SPY:
ycharts.com/companies/SPY/average_volume_30

You can see that volume has been falling off of a cliff and is near the lowest levels in decades. There's been a steady decline in volume since the major bottom in 2009. This is a big reason why I believe we are nearing the end of a 15 year accumulation and distribution cycle.