Trading volume has dried up across the market, and that quiet is being read as a bullish sign rather than a warning.

• Almost nobody is trading right now — participation has fallen off sharply.
• Dead volume like this usually shows up after a bottom, not at a top.
• The move into a low is fast and exciting, so it pulls people in; the basing that follows is slow and boring, so they leave.
• Traders have written the market off as dead and moved their money elsewhere.

Outlook: If the pattern holds, this dull stretch is the tail end of a bottoming process rather than the start of a top.