$SPX is in a strong uptrend, with confirmed near-term support at 1262 -- where intraday lows were registered a few days ago.
Equity-only put-call ratios are split. The standard ratio is on a sell signal. The weighted ratio is on a buy.
Breadth has expanded positively and once again is in overbought territory.
The trend of volatility is generally downward, and that is supportive of the bullish case for stocks.
In summary, the major trend is up, but low volatility and overbought conditions indicate that a sharp, but perhaps short-lived correction could begin at any time.
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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