The market continues to be volatile, albeit within a trading range. From an intermediate-term perspective, the $SPX chart is negative. There are lower highs and lower lows, and the 20-day moving average is declining. $SPX would have to reverse those symptoms in order for the chart to take on a bullish posture.



The equity-only put-call ratio charts continue to rise, and their uptrends are bearish, meaning they remain on sell signals.



Market breadth has now turned bullish, after having been sharply oversold several times. This is the first intermediate-term indicator to give a buy signal.


Volatility indices ($VIX and $VXO) have remained rather elevated. The trend of $VIX is higher, and that is bearish as long as it persists.



In summary, the intermediate-term indicators have the potential to turn bullish, but most of them (except breadth) have not.

Lawrence G. McMillan is the author of two best selling books on options, including Options as a Strategic Investment, recognized as essential resources for any serious option trader's library.