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Takeaway: Lower-highs on lower-volume doesn't confirm a renewed bull.

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.

There's a Large Asterisk Next to the Market's Recent Run - Volume Total Mkt

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