CBOE total put/call ratio 5 day MA is at 0.7. The only time it has been that low in the last 5 years is June 9, August 11, and August 27 of this year.
The next closest over the last 5 years was 0.73 in January 2018 and January 2020. There have been 7-8 others in the 0.75-0.76 range scattered over the last 5 years. The long term average is about 0.95.
There seems to be no fear in the market right now. Bull/bear ratio was also one of the highest readings ever last week.
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