This tells us the same tired dollars are playing ring around the sector without fresh blood joining the fray. The next upside catalyst to do so could be the pre-FOMC run, while further downside might arise from continually weaker earnings than exuberant bulls who recently bought the whole farm are willing to ride out. We might expect sideways action going forward from here with less volatility and more directional trend. 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.