Individual indicators are bullish in their own right, but price (i.e., the chart of $SPX), is without a doubt the number one factor for consideration. There is support in the 1575-1580 range -- generally in the area of the lows of the past couple of weeks.

Equity-only put-call ratios are both on buy signals. Market breadth has advanced a lot with many very strong days since mid-April. The net effect is that the breadth indicators have remained on buy signals for about two weeks and are in overbought territory.

Volatility indices ($VIX and $VXO) are bullish as well. With $VIX below 14, stocks should have little trouble advancing. In summary, despite considerable gains already this year, $SPX remains bullish. The technical indicators are bullish, too. If $SPX were to fall below 1575, then the situation would change to neutral, and a close below 1540 would be outright bearish.

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.