VOLATILITYS&P500 (^VIX) 12.85 Down 0.74(5.45%) 4:14PM EDT
Volatility indices ($VIX and $VXO) are bullish as well. With $VIX below 14, stocks should have little trouble advancing. Any probes above that level so far this year have merely resulted in spike peak buy signals. The danger, if any were to exist, would arise if $VIX were to form a true uptrend and begin to trend steadily higher. $VIX would have to move back into the high teens in order for that to even be a possibility.
The construct of the $VIX futures remains bullish as well. The futures are all trading with premiums, and the term structure slopes upward. As long as that remains the case, this indicator will be bullish. Only if the term structure were to invert and slope downward would this indicator bec ome bearish.
In summary, despite considerable gains already this year, $SPX remains bullish. The technical indicators are bullish, too. If $SPX were to fall below 1575, then the situation would change to neutral, and a close below 1540 would be outright bearish.