Equity-only Put/Call Ratios

Here we chart the ratio of open option interest in puts vs. calls (a measure of the amount of caution in the market). It is sometimes the case that when this ratio's trendline (or rolling average) 'rolls over' and starts a new trend, the overall stock market soon follows. Overlaid in the background is a plot of the daily closing price of SPY, a proxy for the S&P 500 index.