This is a bear market with a prevailing downtrend until proven otherwise. We would be ecstatic with bullish glee if any CEO would come out and say the worst is behind us and future outlook is solid. Everything we've heard so far is nothing close to that We relish the chance to trade any trend that can sustain itself for several sessions or more in succession. A close above these levels and stronger open from there would negate most of the bearish chart patterns predicting a failed rally 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. Extreme divergence between each signals a possible market turn in favor of the commercial trader's direction.