$SPX needs to close above resistance, at a new all-time high in order to confirm the budding bullishness that we are seeing. Other indicators have turned bullish, but we have seen occasions before where $SPX did not confirm, and $SPX was eventually the correct indicator (how can it not be?).

The action of the last few days has rolled the standard equity- only put-call ratio over to a buy signal. The weighted ratio is still on a sell signal, however, as it continues to climb higher daily.

Market breadth is expanding, so the previous breadth sell signals have been canceled out. That placesthe breadth oscillators on buy signals once again, and they are in modestly overbought territory.

Once the Fed was out of the way, theree was a violent downside reaction by $VIX. Since $VIX has closed below 15, it is no longer in a bearish state for stocks.

In summary, the Fed's announcement was less a catalyst than it was a concern that didn't materialize. Prices are rallying and the indicators are turning bullish. It is still going to be necessary to see $SPX confirm this bullishness by moving to a new all-time high. In the unlikely event this all falls apart, and $SPX closes below 2120, that would be very bearish.

Lawrence G. McMillan is the author of two best selling books on options, including Options as a Strategic Investment, and publishes several option trading newsletters.