The stock market has found itself under increasing pressure again this week, and once again seems to have found support at 1600. It is also clear that 1650 is resistance and $SPX is trading wildly and with great volatility in between those two levels.

Equity-only put-call ratios have remained solidly on sell signals throughout. Even on days when the market has rallied, there has been considerable put buying.

Market breadth indicators are currently mixed. Volatility indices ($VIX and $VXO) have been swinging back and forth rapidly as well, but generally working their way higher. A rising $VIX is bearish for stocks.

In summary, $SPX is trading rapidly between 1600 and 1650. A breakout in either direction would be significant. Maybe "Sell in May and go away" really IS going to work this year, much to the chagrin of those who have already declared that it didn't.

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.