Interestingly, my model of stock market sentiment has been on the bearish side over the past week. That model looks at the ratio of put option activity to call option activity for all listed stocks (not indexes) and exchanges. The regression model takes out the overall impact of implied volatility for the market overall and recent price change, so that we can see--for a given level of $VIX and recent price change--whether market participants lean bullishly or bearishly. When they are relatively bullish (model below zero), the next ten days in SPY, going back to 2014, have averaged a loss of -.15. When traders are relatively bearish (model above zero), the next ten days in SPY have averaged a gain of +.69.