The Standard & Poors 500 Index ($SPX) has made repeated new all- time highs -- both intraday and closing -- over the past three weeks. This action has, of course, resulted in a "bullish" $SPX chart.

The bears have made several attempts to sell the market intraday, but each time it seems to quickly regain strength especially late in the day. Equity-only put-call ratios have remained bullish, as well.

Market breadth has been week. As a result, both breadth oscillators registered sell signals on Monday and Tuesday of this week. These sell signals are still in force.

Volatility indices have bounced around at relatively low levels. That is bullish, in general, but one can see that $VIX is beginning to display an uptrend. A confirmed uptrend would be a bearish sign for stocks.

In summary, we remain bullish as long as $SPX does not break down below support and as long as $VIX does not rally above 13.50.

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.