With the S&P 500 losing 3.14 percent last week, its worst weekly loss since May 2012, two sentiment indicators saw significant moves toward a more bearish stance.

The CBOE Volatility Index (VIX) jumped 46 percent last week to close at 21.24. That is the highest weekly closing level for the indicator since December 2012.

The spike caused the 13-week moving average (one quarter) to make a bullish crossover of the 52-week moving average (one year). There was a bullish crossover earlier this year, but that was more of a flat move.

The bullish crossover that occurred last week looks more like the one we saw in the summer of 2011 as the S&P 500 fell almost 20 percent from the July high to the October low.

The VIX wasn't the only indicator that hit a significant high, as the 21-day moving average on the CBOE Equity Put/Call ratio closed at 0.6605 on Friday, the highest reading for this indicator since July 2013.

The only sentiment indicator that I follow closely that showed more bullish sentiment than the previous week was the AAII Sentiment Survey.

Last week's survey showed a bullish percentage of 39.9 percent and a bearish percentage of 31 percent. This put the ratio of bulls to bears at 1.29, up slightly from the previous week's reading of 1.28.

With earnings reports picking up significantly this week, I would look for the volatility to continue.