My favorite way of looking at the CBOE SPX Put/Call options daily ratio is to combine it with VIX each day as I have done since 1996 as the 2CS. I can't show it in chart form as it is calculated manually and stored on paper with pen. But I have inverted both P/C (1/P/C) and VIX (SVXY) to give a reasonable picture of what's happening. You'll see on the chart what I call sentiment divergence.
It is why many sentiment observers get confused, or dismiss the indicators as useless, near important long term tops. Bullish sentiment rises together with stock prices for a long, long time in bull markets, but it peaks out in mature to nearly "senile" bull markets as smart traders/investors begin to lock in some profits. This is where we've been for about 3-6 months already.
When we actually do go down is what we must learn or guess, but we do know from this divergence that we are late in the bull game, "most likely". Then too, bear markets vary in severity and length, and this tells us nothing about that eventuality.