The stock market, as measured by $SPX, continued to advance in a narrow low-volatility manner. There is solid support at 1375-1380.

Equity-only put-call ratios continue to trade sideways, in a very back-and-forth manner. As long as they are in this state (and you can see the charts in Figure 2 and 3), we are considering this indicator as being "neutral."

Breadth has not been particularly strong for some time now, but it hasn't proved to be a major hindrance to the market. Officially, the breadth indicators are currently on sell signals, though.

Volatility indices ($VIX and $VXO) have continued to decline, trading down to 14 in the last week. As long as they are in a neutral to declining state, that is bullish for stocks.

In summary, despite some weakening technical indicators, the market's trend is bullish until support levels are broken.

Lawrence G. McMillan is the author of two best selling books on options, including Options as a Strategic Investment, and also publishes several option trading newsletters.