Here is a graph of the STAX Schwab Trading Activity Index Over Time, from January 2019 through Today.
Note that even with the markets at record highs last week, the STAX remains closer to a 6-year low than a 6-year high.
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Kirk's DJIA vs Oscillators Chart: "Everything before the black dot-dash line is math, everything after is art" and art is aka "guestimates"
Market Update for 11/8/24
Kirk Lindstrom's Investment Letter
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For more information on the STAX, see https://www.schwab.com/investment-research/stax/view-schwab-trading-activity-index