The chart of Standard & Poors 500 continues to have a slightly negative bias to it. There is a clear series of lower highs on the chart. Moreover, the trend line from the January lows has been broken.

Equity-only put-call ratios are both technically on sell signals at this time, according to the computer programs that we use to analyze these charts. However, to the naked eye, they are more or less moving sideways.

Market breadth has deteriorated badly this week. This negative breadth has pushed the breadth oscillators into officially oversold territory. They are on sell signals now.

Volatility indices have generally remained at low levels, which is still a bullish status for stocks. The worrisome thing would be if $VIX were to begin to trend higher.

In summary, the indicators are showing some weakness, but it has been slight and price action has been dull. Thus one is in danger of being lulled into a sense of complacency -- something that can be dangerous to one's wealth. Do not fall asleep on the downside breakout if it occurs. If it doesn't, then the bulls remain in charge.

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.