I believe today's action was constructive. There was a lot of put buying today and yet the market has managed to hold itself together. I have not yet updated the chart below for today's put/call ratio but today's action takes it up to the 1.00 level.
*I would also note that the only time this entire bull market that CBOE put/call ratio exceeded 1.00 was this Summer after the Flash Crash and Persian Gulf Oil Spill . The previous time was in January 2009, during the bear market.
** I know many readers prefer the equity only reading. We are also at an extreme on that indicator as well.