The volatile moves this week have given rise to a number of new trading signals. Since some are in conflict with others, one has to make a choice as to how to approach them.

$SPX sold off sharply and recovered sharply and is now more or less where it was just over a week ago. An $SPX close above 1695 would likely pave the way for another attempt at the all-time highs of 1730, which is also resistance.

Equity-only put-call ratios moved to sell signals recently, and have been accelerating upwards ever since. This upward move solidifies their intermediate-term sell signals.

Both of the breadth oscillators we follow moved back to buy signals, as a result of Thursday's monster rally.

$VIX completed a buy signal yesterday as well. This has the potential to be a very powerful buy signal.

In summary, the violent rally of Thursday was extraordinary. An $SPX close above 1695 would give technical confirmation of these buy signals from $SPX itself. Lacking that, the bears may take another run at things next week.

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.