P.S. This is just a 5EMA set up differently but you can use a regular chart of the $VIX with a 5EMA to get the same information.
Edit Tuesday morning , 05/13/2014: Adding that back on 4/2, with the $VIX 5EMA no where near the froth zone, the P/C ratio closed at .66. The following day, $SPX pulled back 2pts to 1888.77. Over the next two sessions, $SPX fell to 1845.04. On 4/9/ after a two-day rally, and again with the $VIX 5EMA no where near the froth zone, the P/C ratio closed at .61. Over the next two days, $SPX fell from 1872.18 down to 1815.69.
Fast forward to Monday, 05/12/2014 and we have the $VIX 5EMA at 12.92 and clearly in the froth zone along with a P/C ratio at .64. This suggests to me that market participants have become near term over and that the market is likely to have a cooling off period perhaps starting today, Tuesday, with the catalyst being the disappointing retail sales #'s. IMHO, of course.