Everything is grinding to a halt in this market, and that is probably a sign that an explosive
move lies in the not-too-distant future. $SPX has support at the old highs (2120).
If that should fail, there should be a good support level at 2070.
Equity-only put-call ratios remain on sell signals, according to the computer programs we use to analyze these charts. However, it is obvious that these ratios have just been trending sideways for the past few days.
Market breadth has been something of a problem since last summer.
At the current time, these breadth oscillators are barely clinging to buy signals.
Volatility remains the most bullish technical area. $VIX dropped to its lowest levels since December. As long as $VIX is low and is not trending higher, stocks can continue to rise.
In summary, the move to new highs by $SPX has not been confirmed by most of our other indicators, nor by most other broad-based indices. Still, that doesn’t seem to deter the market. As long as $SPX holds above the support at 2120, there is no reason to get bearish.