If you look at the complexion of the stock market sell-offs and bounces over the last month, US Equity Volume on DOWN DAYS is +8% versus the 1-month average. Volume on UP DAYS is -5% versus the average.
Over the last 5 (up) days, volume has been -14% versus the average. Yesterday, US Equity volume was -18% vs the 1-month average.
In other words, lower-highs on lower-volume doesn’t confirm a renewed bull.