I have been discussing the upcoming oversold reading a lot. The put/call ratios will also be oversold early this week. The chart below is the 10 day moving average of the ISE equity-only
It is showing the largest amount of put buying we have seen years. I don't believe that sentiment is nearly as negative as this chart would make you believe but the message is clear. In a day or two if we see continued put buying the the 10 day moving average of the CBOE put/call will also be in the area of excessive pessimism.
As an aside I wonder if weekly options are having an effect on this ratio.