May. There isn't much we can use to measure downside support right now, but let's begin with daily-chart Bollinger bands. Further short covering on Tuesday's rally could tell us that much of the final washout is behind us. If they continued to short Tuesday's action we might interpret that as indecision on their part as the scaling process unfolds. We'll wade through the data as usual and post it here in Market Sentiment in plenty of time for all to act on it. We compile this from several fee-based sources for those who wonder and include it here as part of our service to you.
Next week is anyone's guess.
Keep in mind that we've had few positive closes on Friday since mid-December and odds aren't good for another. 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.