Not much has changed in the market in the last week, with one possible exception: was yesterday's breakdown below near-term support significant, or was it just another meandering that will have no follow-through? Based on recent history, it's probably the latter (no follow-through). More than likely, we are still in a trading range for $SPX, between support at 2070 and resistance at 2135.

Equity-only put-call ratios are moving sideways. I cannot recall another time in history when these broad market put-call ratios were so ambivalent. We are going to have to wait for these ratios to begin trending again before they have any meaning.

Market breadth was been lackluster and mediocre for a month now. Technically, both breadth oscillators are on sell signals.

Volatility indices and derivatives have remained in a bullish mode, with $VIX hovering at low levels. Unless $VIX begins to TREND higher, it remains a bullish indicator for stocks.

In summary, until there is a breakout in price that is confirmed by strong signals in the other indicators, this remains a range-bound market.

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.