The put/call ratio is still indicating an overbought condition:
Usually, before a temporary top, the ratio falls from its overbought level, then spikes back up again and only then the market starts heading down. This suggests some sideways action first during the next 2-3 days for the SPX.
I also noticed that the ratio is overbought at gradual higher levels, typical of a bull leg. Also, one of my intermediate term indicators has reached across normal bear market overbought levels. The 5 day ema of the put/call ratio:
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