CPCE Hits Record Low

The 20d moving average of the CPCE indicator — CBOE Options Equity Put / Call Ratio — hit the lowest reading ever today — 0.43. This level of complacency is unprecedented. At the same time, the daily CPCE finished at 0.35. I decided to analyze other similar instances where the 20d MA of the CPCE indicator would be below 0.5, while the daily reading would be below 0.4.