With the S&P 500 bouncing back this past week, the three main sentiment indicators that I watch moved in different directions.

The CBOE Volatility Index (VIX) dropped 16.6 percent during the past week and fell to close last week at 13.15. The VIX had risen to its highest reading in three months before declining the last two weeks.

The VIX wasn't the only indicator that moved toward a more optimistic stance either. The AAII Sentiment Survey saw big changes in both the bullish percentage and bearish percentage.

The bullish percentage jumped from 30.9 percent to 39.8 percent, and the bearish percentage dropped from 38.2 percent to 27.0 percent. This put the ratio of bulls to bears at 1.47, the first time in four weeks that the bulls have outnumbered the bears.

The only one of the three sentiment indicators that moved toward a more pessimistic reading was the CBOE Equity Put/Call ratio.

The 21-day moving average on the ratio moved up to 0.6471 last Friday, the highest reading since July 2013.

The second-quarter earnings season is coming to a close and that will move the focus of investors more toward the economic calendar and the geopolitical situation. At this point, I don't know if that is a good thing or a bad thing.