If you look back at the other major short-term bear cycles for the SPY you see that increases in volume were standard. While we have seen mild increases in volume I don't see anything so far that indicates that we are headed for disaster, let alone a drop below the 200 SMA. 100 day volume averages are still very mild right now which shows that there is fairly moderate buying, nothing like a euphoric stumbling into a nasty drop. There is still quite a bit of fear in the market which is why I believe we have seen so many doji's the past month. While we may see a drop from current prices i think we should be watching volume as well. Fear creates volume, as does euphoria.