Put/Call Ratio signaling caution - $SPX

Equities are looking a little frothy, the 9 ema of the total put call ratio is throwing up caution signs.

This historically shows that everyone who wants to get long is, or is very close to it, i.e. buyers = drying up

A period of consolidation/ profit taking or even a full blown reversal are all on the cards, the only saving grace is that the skew is not signaling an attempt to hedge a 2 std deviation drop from current levels.

This all suggests that any drop from this point, barring news, would constitute a buying opportunity.