Meanwhile, our bias heading into this week remains to the upside but that is no different than the past two with obvious results. Holding this mantra shall prove us correct eventually, but that's not the idea. Green pastures remain locked under a blanket of snow until sunshine reappears and it promises not to be long. That however, is a relative term. 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 DJIA had both sides moving in synch as they lightened their net-short holdings.