The CBOE Put/Call ratio, a key market sentiment indicator, has surged above the critical 1 level benchmark, indicating a bearish market sentiment. This suggests that traders are increasingly buying put options over call options, indicating a demand for protection and speculation on possible market declines. Michael Hartnett, chief investment strategist at Bank of America, warned that this could lead to a risk off in markets and a possible retest of the 4,200 level for the S&P 500 Index. The SPDR S&P 500 ETF Trust (NYSE:SPY) is on track to close its third straight week of losses, down over 5% since the start of the month.