$SPX bounced up off its bullish trend line twice recently. Thus, the chart of $SPX continues to remain positive.






$VIX spiked up to a peak on the chart, and thus a buy signal occurred. As long as $VIX remains below 23, it is bullish.




The other indicators have been, and continue to be, less reliable. The equity-only put-call charts have been distorted by the heavy hedging activity of the past 6 to 8 months.




With the rally of the past two, the breadth oscillators are thus back on buy signals, and are modestly overbought.




In summary, the bulls remain in charge unless $SPX drops below 1294, especially if that were to be accompanied by $VIX rising above 23.

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.