S&P 500 and Nasdaq 100 hit record highs, but volume is lagging

Record highs after a V-shaped rebound

S&P 500 and Nasdaq 100 have climbed sharply from their 30 March lows at 6,316 and 22,841 points respectively, and both indices have now moved above their previous record highs at 7,002 and 26,182. The rebound has been fast enough to put both benchmarks back into fresh-high territory rather than leaving them in a typical relief rally below the old peak.

Source chart: S&P 500 daily chart showing the share of index members trading above their 50-day and 200-day simple moving averages, via TradingView on 16 April 2026.

The breakout still lacks broad confirmation

The move is strong, but the source analysis argues that trading volume has not expanded enough to confirm the strength of the breakout. Market breadth also remains relatively narrow, with a limited share of S&P 500 constituents trading above their 50-day and 200-day moving averages even as the headline index pushes into new highs.

Source chart: Nasdaq 100 daily chart showing volume and the five-session CBOE total put/call ratio, via TradingView on 16 April 2026.