S&P 500 Struggles to Maintain Bullish Momentum, Technical Indicators Remain Cautious

The S&P 500 is struggling to maintain bullishness after bouncing off support at 4200. The chart remains in a downtrend until 4430 is broken.

Equity-only put-call ratios have split signals recently. The weighted and total ratios remain on sell signals.

Market breadth indicators attempted to improve but quickly gave buy signals that were then negated. Remains tentative.

Volatility complex shows mixed signals as well. New VIX sell signal emerging but term structures remain positive.

Core bearish position is still in place. Awaiting break of downtrend line and gap fill before turning more bullish.