$SPX now appears to failing at the top of the range, thereby remaining within the 2040 - 2135 trading range. Hence, the $SPX chart remains neutral as long as it's in that trading range.

Put-call ratios are mixed, but generally are in an oversold state. The standard ratio continues to rise and is thus on a sell signal. The weighted ratio, however, has rolled over to a buy signal.

Market breadth has been poor lately, and that has caused some concern. Both ratios have now reached an oversold status, which is a bit surprising since $SPX hasn't pulled back all that much.

Volatility has been generally bullish in that $VIX is in a downtrend or is trading sideways at low levels on its chart. $VIX has traded below 12 a few times recently, and that is an overbought condition.

In summary, the $SPX chart is neutral, and the indicators are mixed. Unless $SPX breaks out with simultaneous strong buy signals, the trading range environment will persist.

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.