The Standard & Poors 500 Index ($SPX) had a few bearish days, but managed to successfully test support near 2070 twice this month. $SPX remains within the trading range of 2070 - 2135.

The equity-only put-call ratios continue to generally trend sideways, which makes them neutral. Even though the standard ratio is trending slightly higher and the weighted ratio is trending slightly lower, neither is on a valid signal at this time.

The breadth oscillators are just oscillating back and forth, and that is just more indication of the neutrality of the market. Volatility indices fell over the past three days, pushing $VIX back down below 15, and keeping the index in the bullish camp for now.

In summary, the outlook is still neutral as long as $SPX remains within the trading range. Put-call ratios and perhaps even the breadth oscillators are in a neutral mode. Continued trading range action seems likely.

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.