We expect they will cover shorts on further declines and add more during subsequent rallies going forward from here. And not until then. Based on seasonal, historical patterns, April is a challenging month for the markets. We might expect this to follow suit going forward from here. A valid, lasting reason to push market action upward must arise from yet to be seen direction before we can safely play the upside for any length of time from here.
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.