This is clearly not the market we have gotten used to since September. For months sentiment would swing between euphoria and just plain bullishness. A few hours of put buying was enough to produce a rally. That is no longer the case.
We are now in a market where it pays to wait for extremes. I believe we will see bouts of extreme pessimism this Summer and those will be the best entry points. Today's put buying is pretty extreme no matter which ratio one looks at. A few months ago it would be enough for a month long rally. I believe it should be good for at least a bounce.