After the selloff in early August due to the Yen carry trade, panic levels exploded. However, over the past 3 weeks, the market is back to extreme complacency and that's not a good sign for the bulls.
The analysis done here shows extreme complacency in the market which is indicating a top could be forming. When everyone is bullish you have to be worried.
The put/call ratio is at extreme levels which is reflecting a very pessimistic sentiment in the market. Typically, this indicator is to be used as a contrarian signal which means some sort of a major bottom could be forming over the next couple weeks.