Both bulls and bears are frustrated by recent action. Most recently, $SPX has made repeated attempts to challenge the all-time highs, but it has not yet been able to break out. There is resistance in the 2110- 2120 area that has contained all advances.
In any case, the $SPX chart is still neutral until it breaks out of
the triangle in a convincing way.
Equity-only put-call ratios have been bullish since around the first of the month. But
this week, they began to curl upwards -- a move which[...]