Perhaps the first crack in the armor of this slow-motion bull market occurred this week, after Ben Bernanke spooked the market with his contention that there wouldn’t be further easing. The $SPX chart is still bullish. There is support at 1340-1350, and the 20-day moving average is at about 1350.
Equity-only put-call ratios remain on buy signals, but the weighted ratio is so low on its chart that it might be capable of rolling over to a sell signal without a lot of trouble.
Market breadth has been rather poor recently. As a result, breadth indicators are now on sell signals.
It’s bullish that $VIX is declining again. It would have to break out over 22 to become bearish.
The stock market continues its slow-motion, grinding, "levitation" act, but that can probably continue for longer than one might imagine. The signs that a true correction are at hand would be a sell signal from the weighted put-call ratio and a flattening of the $VIX futures term structure.