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.
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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.