$SPX fell rather sharply in the days after it made a new high on November 5, the day of the post-FOMC meeting euphoria. As a result, there is major resistance in the general area of 1220.





The equity-only put-call ratios are once again at odds with each other. The weighted ratio is still the one upon which are putting the most weight, and it is on a sell signal.




The breadth indicators have returned to buy signals.




$VIX had an extremely violent downside move during Thursday's rally, and thus the $VIX chart is no longer negative -- i.e., it is not rising.




In summary, the indicators are mixed. However, unless $SPX can make new highs, the bears will still have a valid chance to knock the market down again.

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.