This ratio is currently declining, suggesting that deep-pocketed players are not back in accumulation mode yet.

FORBES: Still Plenty Of Downside Left In U.S. Stocks

This ratio tends to move higher when fund managers are in equity accumulation mode, as they purchase puts on these broad-based ETFs to hedge their long stock positions.

FORBES: Still Plenty Of Downside Left In U.S. Stocks

This is a significant and negative technical event for Apple, and it is likely a sign that institutional investors, who were always there to support Apple at the 40-week line in the course of their own long-term accumulation of the stock, have now shifted into a mode where they are distributing Apple and selling the stock as they reduce their exposure to the stock.

FORBES: Chewing On The Real Worm Inside Of Apple