The market has spent nearly the entire week in a tight range, frustruating both bulls and bears.
Equity-only put-call ratios have continued to remain on buy signals, despite some occasional heavy put buying during the week.
Market breadth has been strong, for the most part. As a result, breadth remains on a buy signal, too.
Volatility indices ($VIX and $VXO) have drifted down to very low levels. In general, the decline in volatity is bullish for stocks.
$SPX has not made new highs (yet), but it has broken out above the 20-day moving average, the downtrend line from the highs, and the short-term resistance that had developed in the 1300-1320 area.
Equity-only put-call ratios have rolled back over to buy signals, which is a very significant positive intermediate-term development.
Breadth oscillators -- which are the most sensitive indicator of this group -- turned to buy signals over a week ago, and have remained on those buy signals ever since.
