The major theme of this market remains the same: a bullish trend with extremely low volatility.
$SPX remains in a solid uptrend, with nearest support in the 1255 - 1262 area.
The equity-only put-call ratios are hovering near a sell signal.
Breadth (advances minus declines) has been lackluster, but just positive enough to keep from generating sell signals.
Volatility indices ($VIX and $VXO) are conducive to the bullish case (a downtrend in volatility is bullish for stocks).
In summary, the trend of $SPX is higher and until that changes, the bears will not be able to gain a foothold.
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.
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