Beware: Historical Put/Call Ratios still suggest further upside until market bottoms

In a typical market bottoming environment, the Put/Call ratio generally hovers above the 1.5 upper parameter (see red peaks corresponding with previous SPY index market bottoms) which is often indicative of a definite market bottom. Today's ebullient market bounce is just that.

Be prepared for one more market push downward in the days to come as continued investor uncertainly unwinds. Look for a new low in the market or at least a re-test of prior lows before considering that a new market cycle has begun.