Stocks appear to be struggling a bit, but there hasn't been a decisive breakdown. The $SPX chart shows some negative trend lines, but the important area is support at 2120. As long as that holds, the bulls will remain in charge.

Equity-only put-call ratios have been wavering back and forth -- especially the normally more reliable weighted ratio. The standard ratio has been moving higher for a week or so, and it is on a sell signal. The weighted ratio has essentially been moving sideways. The computer analysis programs rate it as a "buy."

Market breadth has been a bit more decisive. Both of these breadth oscillators are now on buy signals.

The volatility complex has a bullish status. First and foremost, $VIX generated a spike peak buy signal as of Wednesday's close.

In summary, the indicators remain mixed. The fact that there is a $VIX "spike peak" buy signal is interesting, but not conclusive. If $SPX breaks support at 2120, that will be a decisive and potentially conclusive move.

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.