Stock prices have dampened down into a very narrow trading range again. There is major support at 2120 and major resistance at the old highs (2195). A breakout from those levels would be significant.

Equity-only put-call ratios have been declining for the past couple of weeks. The standard ratio has been on a confirmed buy signal for at least that long, and you can see from the chart that it is declining rather steadily.

The weighted ratio has finally chimed in with a buy signal as well, although it's not as clear on that chart.

As one might expect, given the small trading range of $SPX, market breadth has not been particularly strong or weak. For the record, both breadth oscillators are currently on sell signals.

Volatility indices have probed higher a few times intraday, breaking above 15 a couple of times, but generally closing in the 13-14 range. As long as $VIX continues to hover at low levels below 15, it is a benign state for stocks.

In summary, all of the indicators seem to be rather mixed, awaiting some direction from $SPX. For now, we remain neutral on the market, awaiting an $SPX breakout from this tight trading range.

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.