A stable market would take its time building a base and accumulating supply at all price levels up the scale. This is what creates strength in the base. Markets that rise on huge gaps and pops are vulnerable to retrace in exactly the same manner. So trade the daily trend with care. Those that missed upside entry points over the past explosive week should get their chance to do so safely and soon.
Ratio listed is percentage of calls to puts or puts to calls respectively.
Support is factored from dividing puts by calls at strike levels beneath index closing price. Resistance is factored from dividing calls by puts at strike levels above current closing price. A reading above 10.00 is considered viable resistance or support respectively within that general strike price range. Small specs are the general trading public with commercials being financial institutions. Commercials are historically on the correct side of future trend changes while small specs are not.