I think the more important readings these days are the percentage of calls vs puts (yesterday was the 1st day puts exceeded calls in many weeks) and the net delta exposure for SPX (or whatever index you are trading).  FX Evolution goes over these charts/figures in most daily videos and, as of yesterday's video, upside calls are still being sold against the SPX to the tune of greater than 60% (I think it was 68% on the last read).  The DAX is already back above 80%! As long as so many people are still trying to be logical and capitalize on fundamental weakness that they see in the current and future markets, the market is probably not going to reward them for their homework...more likely that they will be punished.