Nothing yet bears.

The collapse of volatility continues. Call volume has increased as $SPX has achieved new highs. Put-to-call ratios are low and falling and the projected upside target on $SPX is 3104. Cumulative advance-decline lines are at all-time highs with no negative divergences. Today is the 22nd day following a $VIX spike on 10/02, another bullish indicator. A $VIX close above 16 would get attention. Term structures are sloping upward and /VX is trading at large premiums to $VIX.