The stock market, as measured by most of the major indices, made a breakout move to the upside yesterday and is now trading at new all-time highs once again. $SPX is clearly in an uptrend and holding above all support areas, which is bullish.
Equity-only put-call ratios continue to crawl along the bottom of their charts, moving mostly sideways rather than up or down. This is another overbought indicator, but it won't really become bearish until these ratios begin to trend higher.
Market breadth has been struggling somewhat as it has not kept pace with the strength of the broad market. But the breadth oscillators are on buy signals, nonetheless.
Volatility remains very bullish, as measured by the actions of $VIX. For those who say $VIX is "too low," it is still well above the 20-day realized (historical) volatility of $SPX, so in that sense, it's not "too low."
In summary, as long as $SPX remains above support and $VIX remains below resistance, we will continue to be intermediate-term bullish.
This Market Commentary is an abbreviated version of the commentary featured in The Option Strategist Newsletter.