I would expect $SPX to finally make a new all-time high soon. $SPX has support near 1530, which is also where the rising 20-day moving average currently is.

Equity-only put-call ratios continue to be mixed, with heavy call volume chasing the rising market, but heavy put volume in the form of protective put purchases. These two are nearly canceling each other out.

Market breadth continues to remain overbought and on buy signals.

Volatility indices ($VIX and $VXO) continue to plunge, and today made yet another post-2007 low. As long as volatility remains low, the stock market can rally.

In summary, this market is the classic definition of "overbought does not mean sell." Eventually, the piper will be paid, but until actual sell signals occur, one should keep any speculative bearish powder dry.

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.