What Relative Volume is Saying This Morning

Recall the recent post on relative volume, and you can see how today's trade is shaping up with the ES volume norms. Today's volume is first; median volume in parentheses. All times are Central Time, U.S.:

8:30 AM - 216,482 (232,738)
9:00 AM - 151,680 (206,277)
9:30 AM - 131,231 (133,732)
10:00 AM - 67,971 (105,369)

Are we gaining or losing participation as we sit near the day's highs? Are the risk themes making new highs or holding back? Are the leading sectors making new highs or pulling back?

These are some of the kinds of real-time questions I'm asking as I decide to trade or fade a market move. Tough to bet on new highs when those high prices are not attracting the interest of those that move markets.
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