The bullish news is that $SPX has made a new all-time intraday high
for the last three days in a row. The not-so-bullish news is that $SPX
has failed to close at a new all-time on any of those days. This is the
action of a tired market.
The $SPX chart (Figure 1) remains bullish unless $SPX closes below
1985 — the upper horizontal line.
Equity-only put-call ratios remain on buy signals, however, despite the recent action.
Market breadth has been weakening of late. In fact, both
breadth indicators are on the verge of sell signals at this time. Any
further negative breadth will generate sell signals.
In summary, the indicators are becoming more mixed. But if $SPX
breaks down and $VIX breaks out, the situation will quickly change to bearish.