Overall, the $SPX chart is bullish. The trend lines and Bands are all moving higher (even the 200-day Moving Average is edging higher), and the only resistance area of significance is that at the all- time highs -- which should be the next stop.
Equity-only put-call ratios are bullish, but are one of the indicators that seems to be struggling a bit. The ratios have moved sideways to higher over the past few days, although the computer analysis programs continue to declare that these charts are on buy signals.
Market breadth has been relatively strong, though. The breadth oscillators remain on buy signals, and they are deeply enough into overbought territory to be able to withstand a day or two of negative breadth without rolling over to sell signals.
Volatility continues to be low, and that's bullish while it lasts. A $VIX close above 17 could signal some problems, and that's the level we continue to watch as an indication that volatility is turning into a bearish indicator.
As for $SPX, the outlook remains bullish: the chart is bullish and so are nearly all of the indicators. We expect the all-time highs will be challenged soon.
This Market Commentary is an abbreviated version of the commentary featured in The Option Strategist Newsletter.