SPY hit ath on 1/3 normal vol

SPY hit an all-time high friday. did it on 16 million shares. 20-day average is 50 million.

april closed as best month in 5 years (+10%). earnings are crushing. 84% beat rate, 27.8% growth. apple beat and popped 3.5%

but under the hood

– only 53.67% of S&P stocks above their 200 day MA. at a real ATH you'd expect 70-80%+
– decliners outnumbered advancers 1.5 to 1 this week. index went up while most stocks went down
– 4 FOMC members dissented wednesday. most since 1992. rate hike odds went from 0% to 9%
– oil at $102.50. strait of hormuz still closed. CPI drops may 13 with a full month of $100+ crude baked in
– SPY put/call OI ratio sitting at 2.2. institutions hedging like it's late cycle

none of this means it drops monday. credit spreads are tight, buyback windows reopening (~$1T annual pace), earnings are objectively great

but the gap between what the index says and what's happening underneath is wide right now. either breadth catches up or the index catches down

what's your read