Thankfully, the Standard and Poors 500 Index ($SPX) has finally closed at a new high, exceeding the market from October, 2007. Now that that's out of the way, perhaps we can go back to trading. Thursday's action was an upside breakout, and above that there is no resistance, per se, since prices have never traded that high. However, traders are often wont to sell at round numbers, so 1600 on $SPX may represent a resistance level.

Equity-only put-call ratios are trending sharply lower, and that is bullish for stocks. Hence these ratios are on buy signals.

Volatility indices have remained at very low levels, and are thus bullish. The spike peak buy signal that was generated back on March 19th has proven to be effective.

Market breadth indicators are clinging to buy signals as well, although serious down day could easily roll them over to sell signals. Breadth has not been that strong of late.

In summary, the indicators remain bullish, but somewhat overbought. This market probably needs fewer doubters before it can really top. That may take a while.

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.