Very Low Volume at a New Intermediate-term High

Low volume at a new high can often be concerning, whether it be NYSE volume or SPY volume.  In last night's subscriber letter I looked at a couple of volume-related studies with moderately bearish inclinations.  I then combined them to see what would occur.  The study below shows the result of the combination.

Now the number of instances is quite a bit lower here than I typically like to see, but I found the results  interesting and the consistency extremely strong.