We have time on our side to wait for better confirmation of bullish bias to return, but aggressive traders will view every VIX spike above the last high to be our next cue to buy. As always, trade with caution and the daily trend. It promises to be up real 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.
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. The Commercialc continue to indicate that we could be in for further downside activity.