An absence of malicious news is good enough for pent-up bulls eager to rescue their fallen angels at a time of need. Straight up the charts from here could be expecting too much as resistance lies interwoven above and shorts have not forgotten easy riches gleaned in the recent past. This rally began and persists for no fundamental reason, which makes it possible to sustain but tenuous at best. Down the charts we go. The ultimate bottom could easily lie below but straight up from here without visiting those levels again this year is not the high odds scenario in our opinion.
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.