ignore Put/Call the week of expiration, it is totally distorted by those exiting positions. Put volume has been way larger than Call volume since the Debt issues started back in early summer.
Look at the number of Puts on all the strikes below 120 on the SPY.
With expiration many positions get closed, if they have any value or they are rolled into positions further out, in any case Put volume way exceeds Call volume for this reason and makes the Put/Call ratio look extreme.
News 
Market Data 
Discover 
