Don't tell anybody you heard it from me, but here's the latest report from earningswhispers.com...
Since the black line remains above the gold line on the chart, and the
gold line is most likely going lower this week, we see little reason to
believe the S&P 500 has stopped dropping from its mid-September
high. There is evidence that we are still weeks away from a buying
in our chart of the S&P 500 below.
the objective of the indicator is to identify when too many investors
are betting too heavily in one direction, which tells us it is time to
begin trading in the opposite direction. Over the past 12 months, it
seems we've found a spot where the number of put options relative to
places just such a floor in the stock market. Our put/call oscillator is
currently a long way from reaching that level.