The recent decline in the S&P 500 Index has resulted in the percentage of stocks trading above their 50-day moving average to decline to 38% (see chart in post). This is down from over 85% just a few months ago.

Interestingly, the market's recovery since the March 9th low is following a similar path as 10 prior bear market recoveries. These recoveries occurred after so called waterfall declines. This post details where the market might be based on technical analysis of these prior bear recoveries.

The market's recent move higher since March 9th has certainly been impressive. A number of technical indicators are supporting this positive trend; however, volume continues in a downtrend. The more pronounced volume decline can be seen on the below chart of the weekly S&P 500 Index ($INX), keeping in mind this past week was a holiday shortened one.