The rally off the February lows continues to make new relative highs. Thus, the $SPX chart remains bullish. Even the corrections are very small, just enough to alleviate overbought conditions.

Equity-only put-call ratios are interesting. The weighted ratio remains on a buy signal, but the standard ratio is in danger of rolling over to a sell signal.

Market breadth oscillators have remained on buy signals, despite flirting with sell signals early this week.

Volatility indices were sharply lower this week. Once Fed Chair Yellen spoke on Wednesday, the bears last hope for volatility in the market seemed to wane. In fact, as long as $VIX continues remain at low levels that should be a benign state and thus stocks can continue to rise.

In summary, there are no confirmed sell signals, although the standard equity-only put-call ratio is very close to becoming the first one. Thus we remain short-term bullish, but remain vigilant and don't be complacent.

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.