I keep hearing about how volume has not been confirming this latest rise. This shouldn't be a surprise as this type of weak volume is typical when coming out of a correction. People are still cautious and have yet to jump back in with both feet. Just look at the chart above. It shows the S&P weekly as the summer correction of 2006 ended. Volume was extremely light, but we all know what happened after that. A strong steady rise for nearly 6 months.
Here are two more S&P charts that show weak volume on the recovery.