The level of the put/call ratio at yesterday's close is rather consistent with short term tops after a few days rallies than bottoms after corrrections, as seen below:
click to enlarge
Thus, I think more downside is in the cards.
The above is a 30 minutes chart of yesterday's session and after market of the e-mini contract. The black, horizontal lines represent support/resistance levels. My intraday trading ideas:
-depending on where the market opens, sell after a small rally into one of the levels;
-the maximum level I would sell at is 1076; above that I would sit on the sidelines;
-I will target 1048.5 but, depending on where the day's high is made, this might change.
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