Last week, we said that the Standard & Poor's 500 Index /zigman2/quotes/210599714/realtime SPX +0.06% had locked down into a trading range, and that statement is still true. The support at 805-810 is still holding, and there is now clear resistance at 870-880 after two rallies failed at that level. We do expect a breakout -- probably sooner rather than later -- but it could go in either direction in this news-oriented market.
The equity-only put-call ratios rolled over to buy signals this week, and that was a bit of a surprise. However, $SPX did not "agree" as the market sold off sharply when new Treasury Secretary Timothy Geithner basically said nothing during hours of televised testimony.