$SPX made a strong upside push this week and that closed the downside gap from nearly a month ago. That officially terminated the "bearish" status of the $SPX chart. It's hard to say that the chart has turned bullish, though, since there is still overhead resistance at 1700- 1710. Underneath, there is support at 1660 and then stronger support at 1630-1640.

Equity-only put-call ratios are mixed. The normally more reliable (but apparently not now) weighted ratio has remain on a sell signal for the last month, while the standard ratio is on a buy.

Market breadth indicators are mixed as well, with one on a buy and the other on a sell. $VIX declined back below 14, and that broke what had been a bearish (for stocks) uptrend in $VIX. The market may be in a rather wide trading range (1630 to 1710), generating overbought and oversold extremes at the edges of that range.

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.