The stock market has had plenty of reasons to weaken, yet it can barely go down at all. This is a very powerful market.

$SPX has support at 1730, 1750, 1770, and now may have established another support area at yesterday's lows near 1780.

Equity-only put-call ratios generated sell signals this week. Market breadth continues to be relatively weak. As a result, the breadth indicators generated fresh sell signals recently.

The one bullish constant has been volatility. $VIX has not even budged. $VIX would have to close above 14 to turn even modestly bearish.

In summary, the trend is bullish, and it seems that it's not going to break unless $VIX finally starts to rise, despite sell signals from put-call ratios and breadth.

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.