The P/C ratio hit absolute extremes which historically suggest a market top a few days ago and the overall structure over the past two weeks resembles the Feb 2020 top to the day. With the QQQ overload, I can see clearly that the tsunami mays just around the corner, exactly as an important resistance line is about to break and everyone about to jump on the bull train.
Comment:
Today the P/C ratio hit a historic low of 0.420. The daily sentiment also shows that the current p/c voume is 150K calls to 80K puts at the SPY 320 strike. This is an astronomical bullish sentiment that I have never seen in my entire trading career... so if 320 does not form some kind of massive resistance, then I don't know what will in this magic levitated stock market world.