Equities setup and tape

The bullish setup in equities several weeks ago, referred to as interesting, has pushed the stock market higher. While leveraged money flows have not changed much since the mid February, they have not been matched by the force of the tape. Volume both at critical resistance and supporting the advance has been weak relative to the force of the previous decline. While nonconfirmation of the tape can exist over extended periods without repercussions, it like the previous bullish setup in equities is certainly interesting.

NYSE Composite and exchange volume: