A basic visualization of CBOT SPX Put/Call ratios vs avg of following 5 days price change on ES over 3 years.
This is built from a free software called Qliksense with data from Quandl.
A chart of all values:
Focusing on area between 2.0 and 2.8 (below 2.0 the avg change is almost meaningless, above 2.8 the number of instances is too small)
Hypothesis: Put/Call ratio of 2.2 – 2.7 seems significant for forecasting a 5 day price decline.