The Index Put Call ratio capped another up move. After this mornings move up, the ratio dove below 1 fairly quickly and remained below 1 trading near .80 all day. Unless we see a last 30 minute rally the market trended down the remainder of the day since that ratio dropped.

Interesting... this morning the Index Put Call is sitting at 1.23; this rally is not fully trusted and appears traders are out to buy puts. We'll see what occurs from here. If we continue to move upward and can form some higher lows intraday, we need to see this ratio stay above 1 for a while. A drop down below 1 and this up move will likely fail.