From The Pragmatic Capitalist:

It’s been notable that volume has been stepping higher on the S&P500

... Volume peaks tend to be associated with short to medium bottoms in the index. Similarly, troughs in volume often signal some kind of top. Or course this relationship doesn’t always hold – a wicked example being that 2008 price avalanche where volume peaked around 8bn shares per day and then thrashed around below that level until the March 2008 floor was eventually reached.

Still is there some significance to the recent rise in activity? Some thoughts for your consideration…

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More on volume:

The market is sending a big warning signal

The stock market is falling on extraordinary trading volume

A major warning sign for stocks... that few people talk about