The SPY put-call ratio fell from 1.75 to 1.72 today on another good-sized rise in open interest.
SPY put volume rose by 13%. SPY call volume rose by 15%.
The SPY put-call ratio tends to fall to its bottom Bollinger Band on Thursdays of triple witching weeks, and the move tends to occur in the context of a price rally. Then the ratio tends to rise to close to its 20 dma on Friday.
The strongest price rallies tend to occur when the ratio has a longer way to go to its bottom Bollinger Band. Nevertheless, tomorrow is likely to be a good day to buy the dip for a day.