Equity put call ratio maybe early in the sell signal

Equity options volume is generated mostly by nasdaq stocks, tesla and nvidia have been volume leaders for quite some time. When the macd signal line goes up through zero it generates a sell, this doesn't always work, so you must use this in conjunction with other indicators.

What is unusual now is that with a nasdaq drawdown is much deeper than the april drawdown, traders have been leaning heavily on the call side until now. Yes the market is oversold, the vix has broken out, but until traders start buying more puts I doubt we will see a durable bottom.