Put/Call ratio signals shift towards bear territory

Another one of my bear market indicators is confirming that we're in a bear market. The 50-day MA of the CBOE Put/Call ratio is now above 1.  This means, in broad terms, that the market psychology is shifting towards a wide expectation of lower prices.  Market participants are buying more puts than calls - most are bracing for the worst, or at least trying to be prepared for it. To me, it means a diffused readiness to sell - which should lead to lower prices.