S&P 500 Update: Where's the Volume?

The S&P 500 closed the week at a new interim high, up 8.60% in the first 37 days of trading versus 2.69% over the same timeframe in 2011.

But what about volume? I've posted comparisons with 2011 after the first 12, 24 and 34 days of trading. Here is an updated comparison after the first 37 days.

According to the data I downloaded from my Stockcharts.com subscription, the cumulative volume so far this year is 110.3 Billion versus 135.5 Billion in the first 37 days of 2011. That is a -18.6% decline.

I continue to caution that, despite the continued superior performance of the 2012 year-to-date rally, the trading volume doesn't offer strong confirmation.