I’ve been working today with Put/Call Ratios which I see as indicators. In this case, a very low Put/Call ratio on equities would be bearish.
Monday’s Equity P/C ratio was .57. Looking back over the last year it has only been that low or lower 43 times or 16% of the time. Some other examples where 3 or more days of under .57 were grouped together are circled.
I’m adding bear spreads slowly on the $SPY even with the builiding FED euphoria. I keep a chart up to date here.