Bull Market Don't Die of Old Age

The old Wall Street is adage is that bull markets, "do not die of old age," meaning it is impossible to put an expiration date on a bull run merely because it has already rallied for many years. 

That said, bull markets most certainly do die when the final marginal buyer has been exhausted and the market is essentially all "bought up" with nowhere to go but down. Naturally, identifying that precise moment in real-time is virtually impossible. 

However, we can say with certainty that this early-December broad market volume is historically low, and that is all the more case today. 

On the SPY ETF daily chart, below, into the closing bell today note the light volume well below even last Friday's half session on Black Friday. 

We expect super light volume in late-December around Christmas and the New Year. 

But now?

The jobs report awaits us tomorrow morning.