SPY Rising While SPY Volume Declines

In May of 2008 I showed how 3 higher closes in the SPX (while under to 200ma) had different implications depending on the volume pattern. Tuesday we had this 3-higher closes pattern appear in the SPY while SPY volume declined all three days. This is a slightly different twist and one worth examining:

(click table to enlarge)

This setup appears especially bearish over the 1st week. Possible bearish implications extend out much further than just a week, though.

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As I ready to publish this I see that Cobra also noticed this pattern last night. Check out his take as he identifies several recent occurrences on his chart.