As observed by BTIG’s Krinky, there are some interesting volume anomalies occurring in the market that could signal a potential correction. According to Krinky, QQQ volume is on track to exceed SPY volume by more than $5 billion on a notional basis, which has only happened once before in the past 20 years. This is significant because it happened just before the dot-com unwind and could potentially indicate a similar regime is unfolding.

Krinky notes that the signal matters because the previous occurrence came right after semis peaked, with SMH falling more than 16% from peak to trough. Today, semis are again rolling over aggressively following one of the most extreme AI/momentum melt-ups ever seen. This could be a cause for concern as momentum is starting to crack and the first negative MACD crossover since March has hit. Additionally, the ultra-steep AI uptrend is beginning to lose traction.

To illustrate these observations, Krinky shared a chart on Twitter showing the worst 2-day decline for the SOX index since April 2025. The chart also shows that despite still sitting far above longer-term moving averages after the vertical rally, momentum is starting to lose steam.