Far from it. What this does suggest is that they may see limited downside potential compared to much larger upside risk being short. Technical analysis is less predictable these days because it simply measures collective market sentiment at any precise moment in time and trader sentiment changes faster than Denver's weather these days. We cannot draw lines on a weekly chart and know with conviction they will hold in either direction. 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. Commercials continue to build net-short positions in the Euro and all Treasury note futures markets.