As the market has continued to rise and the S&P 500 has experienced a five-week winning streak, the sentiment indicators have moved in opposite directions for the last few weeks.

This past week, the 21-day moving average for the CBOE Equity Put/Call Ratio fell from 0.6338 to 0.6024, its lowest reading since the last day of July. This is the third straight week that the moving average has declined.

Meanwhile, the AAII Sentiment Survey ratio declined sharply after turning in the highest reading of 2014 two weeks ago.

The bullish percentage fell from 51.9 percent to 44.7 percent, and the bearish percentage jumped from 19.2 percent to 24 percent. This put the ratio at 1.86, down from the 2.7 reading during the last week of August.

The CBOE Volatility Index (VIX) managed to increase slightly even as the market moved higher for the fifth straight week.

Last week's index performance might have been sending a signal that the market is a little tired as the Dow Jones Industrial Average and S&P 500 had gains while the Nasdaq and the Russell 2000 actually declined for the week.

This trading action could be a sign that investors are ready to rotate out of the riskier sectors and smaller market caps and into the more conservative sectors and larger market cap stocks.