There is, of course, no one tell all indicator otherwise we'd all be rich, but the 10-day MA of the OEX put / call ratio and the Sentiment Surveys are about the best I have seen over the years. And unfortunately, the more that people use it,the less effective they seem to become over the years.
That said, take a look at the 10-day EMA of the OEX p/c ratio, along with the daily reading. These are not long-term signals, particularly the daily reading. But the daily one is pretty good at short-term calls (1 to 2 days) while the 10-day MA is good for weeks to a month or more.
Look at the reading from Mon/Tues. It was telling us that a short bullish move was likely. That doesn't mean they won't be buying a ton of puts today looking for another move down.
The daily reading says, look for a bounce in the market in the next few days. The 10-day MA is still saying the smart money is prepared for a pullback / correction.
