The negative sentiment from earlier in the year has not really been unwound as seen in the still high Total Put/Call ratio. The 21 day moving average of P/C is still at a high .86. It won’t show complacency until it dips to 0.80 – 0.75 and turns back up, which it did in early December of last year, right before the market took its New Year dive.
The NASDAQ could also be starting a nascent uptrend.
