A Volume Study of ES and SPY

Most of us are expecting a seasonal Xmas rally and are enjoying a sizable gain from the stock market now.  However by examining trading volume and chart pattern, I have seen many warning signs all over the place.  There is a possible M top to start with.  Interestingly I have heard of many talks of M tops prematurely on DQ many times before.  However I did not hear it this time around, perhaps this is the real one due to DQ's contrary history.   ;-)   Anyway professionals seem to have been selling heavily on the down days and amateurs are buying near the 1810 tops.  Volume in general have been declining while the market were inching up.  I am cautions about the short to intermediate term perspective of the market unless indices and futures can push to new high with convincing volume.   

Good Luck~