Traders must take great care in playing the markets going forward from here. The same measures of extreme indecision were rampant then and now. We went from bullish to bearish within days and often within one session. They may be fleeting indeed to either direction at any point in time. 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. Weekly COT report discloses positions held by small specs and commercial traders of index futures contracts on the Chicago Board Of Trade. 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.