Very Low Up Volume Day Does it Favor the Bulls or Bears

Where did all the dip buyers go? Cramer said yesterday that money managers were going to be buying. Where was all the up volume today?

The Up-volume to Total Volume was a .05 today. This is one of the lower readings that this ratio gives.
This ratio reached .06 on 8/17 and SPX moved onto make new highs.

Does this one sided price action favor the bulls or the bears. Below is a chart of each time NYUPV:NYTV has reached .05

Based on the 19 times that this has occurred since 1980, on average the next day SPX end up 9.18 or an average .80%. On average 10 days later SPX ended up 3.37 or .10%. The highest return comes 5 days after up 14.84 or an average of 1.53%

But one thing to take note of is the Standard Deviation of these averages, these changes in 1 day, 5 day and 10 day can be very volatile. The 10 Day STD is 54 very volatile. This chance of increase volatility is being shown in the VIX as it climbed 10% today. The Volatility in the market has increased the past three days and it should increase more in the next coming 10 days. It is possible to have a 54 point swing in SPX in the next 10 days.

So based on the historical averages the bulls have a slight edge but the bears can easily take this edge away from the bulls with the historical volatility that comes with this one sided trading. Right now I say the edge leans towards the bears, 5-10 days from now. The technicals may provide a one or two day bounce but damage was done today to the bulls uptrend and something they might not be able to recover from.