The S&P 500 has lost ground in four of the last five weeks, and January just ended up being the worst month for the index in a year. The index lost 3.1 percent on the month.

Despite the downswing, the sentiment indicators can't seem to come to a consensus and move in the same direction at the same time.

During the course of the last week, the AAII Sentiment Survey moved toward a more bullish stance, while the CBOE Equity Put/Call Ratio and the CBOE Volatility Index (VIX) both moved toward a more bearish posture.

The AAII survey showed a bullish percentage of 44.2 percent and a bearish percentage of 22.4 percent. This put the ratio of bulls to bears at 1.97, up from 1.2 the previous week.

The 21-day moving average on the CBOE Equity Put/Call ratio jumped to 0.6757 from 0.6476. While a jump of 0.281 might not seem like much, it is among the 10 biggest weekly gains in the last two years.

The VIX jumped more than 25 percent last week and once again moved above the 22 level during the week. The index went 21 months without moving above the 22 level at all. Now it has moved above that level in six of the last nine weeks.