The bullish news is that $SPX has made a new all-time intraday high for the last three days in a row. The not-so-bullish news is that $SPX has failed to close at a new all-time on any of those days. This is the action of a tired market.

The $SPX chart remains bullish unless $SPX closes below 1985. Equity-only put-call ratios remain on buy signals, however, despite the recent action.

Market breadth has been weakening of late. In fact, both breadth indicators are on the verge of sell signals at this time. Any further negative breadth will generate sell signals.

Volatility indices ($VXST, $VIX, $VXV, and $VXMT) have begun to edge higher, but they are still at low levels and thus don't present a bearish problem for stocks -- yet.

In summary, the indicators are becoming more mixed. But if $SPX breaks down and $VIX breaks out, the situation will quickly change to 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.