CPCE Put/Call Ratio Daily Chart

The CPCE drops to 0.58 indicating complacency and lack of fear when markets top out. The low CPCE's represent complacency and when markets top while the higher readings represent panic and fear when market bottoms occur. The CPC put/call is at 0.94 not exhibiting a low like the chart above, thus, a day or three may occur with buoyancy in stocks with the CPC drops. It does not have to. The stock market can pull back immediately due to the 0.58 reading above.

Stocks should top out this week according to the complacency occurring in the red circle above. Stocks will likely print a near-term top at anytime forward. The SPX is at 1946 with the 50-day MA resistance at 1952; perhaps price will kiss the 50 and reverse. Watch the CPC to see if it comes down to verify the CPCE complacency. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.