Put To Call Ratio Suggesting S&P Could Turn Soft

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Since 2013, when the Put to Call ratio's 21 day moving average is low and turns higher, the S&P has turned soft for a while. At this time the P/C ratio isn't off the scale low, it has declined some of late though. The key to this chart, is to see if it ratio starts moving much higher or not, if it does, the S&P could get a little soft.