Look at the put/call ratio for S&P500:
Time Calls Puts Total
9:00 AM 6136 23034 29170
9:30 AM 25418 74623 100041
10:00 AM 34249 91816 126065
10:30 AM 45470 142825 188295
11:00 AM 50923 159228 210151
11:30 AM 65551 168492 234043
散户买, MM买, then who sold those calls and puts?! From my understanding, it's MM who sold majority of options. So if too many calls being sold, you would see market going down, because MM wants to eat the premium, vice versa. Unless Fed pays the premium to pump the market up!