Stocks dawdled at or just above the previous all-time highs, but couldn't convincingly push through with a strong move. As a result, things began to deteriorate. Now, 2070 has some significance. If $SPX breaks down below 2070, a more bearish scenario should unfold.

Equity-only put-call ratios are still on buy signals. Both have "wiggles" curling upwards after Thursday's big down day, but they remain on buy signals.

Market breadth has been somewhat weak of late, and that has been a recurring problem of sorts since last summer. Both breadth oscillators rolled over to sell signals this week.

Volatility derivatives and indices have been the most bullish indicators for some time now. As long as $VIX flounders around at low levels, the stock market can advance without much problem.

In summary, the bulls have failed once again to move the market convincingly to new all-time highs. But can the bears do any better? While we have one sell signal (breadth), we are looking for an accompanying sell signal before turning 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.