With big selloffs three of the last four days and with the Standard & Poor's 500 losing ground in four of the last five weeks, we are finally seeing some significant shifts in the sentiment indicators.

The CBOE Volatility Index (VIX) has soared in recent weeks and has closed above 20 for two of the last three days. The last time we saw two out of three days with closes above 20 on the VIX was one year ago.

The CBOE Equity Put/Call Ratio has been significantly more skewed toward puts lately, and as a result, the 21-day moving average has jumped sharply higher. After spending 11 straight days below the 0.60 level, the moving average has jumped to almost 0.67.

The one indicator that made a somewhat perplexing move was the Investors Intelligence Ratio. Even with the selling that has occurred, the ratio rose last week.

The bullish percentage jumped from 43.8 percent for the week ended June 12 to 46.8 percent last week, while the bearish percentage declined from 22.9 percent to 21.9 percent. The ratio went back above the 2.0 mark with a reading of 2.14.

Perhaps investors have become so accustomed to buying every dip that the financial editors that comprise the Investors Intelligence report have bought in as well.