The bulls had an enjoyable week, although it was not a spectacular one. The post-election rally has held together for the most part, except for a few sectors which are not benefitting from the anticipated "infrastructure boom."

$SPX edged to within 8 points of a new all-time yesterday, and the NASDAQ Composite was equally close. The Dow Jones 30 Industrials, the Russell 2000 Index, the Midcap 400 Index, and the Value Line Composite Index have already made new all-time highs.

Buy signals from both equity-only put-call ratios are officially confirmed. The standard ratio's buy signal occurred prior to the weighted, but both are in sync now.

Market breadth has been steadily positive. The "stocks only" oscillator has moved into overbought territory which is positive confirmation of the new bullish leg in the stock market.

The volatility complex continues to be bullish. The $VIX "spike peak" buy signal is still in effect, as are the "$VIX crossover" and the "$VXST crossover" buy signals.

In summary, more and more buy signals are piling up, and that is certainly positive. Furthermore, we are entering a positive seasonal period. Our intermediate-term outlook is bullish because of those signals. However, it is necessary that $SPX confirm them by moving to new all-time highs. While it is close, it hasn't actually done so yet.

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.