However, signs all around us mandate we keep one eye on the downside in this bear market until overwhelming hooves trample it to death. Next week is the heaviest of all earnings season and expiration week to boot. Near-death options will soar to obscene multiples and turn to instant dust in both directions as wild action is sure to unfold. 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. Extreme divergence between each signals a possible market turn in favor of the commercial trader's direction.