The danger in using a range like the one proceeding the March rally, the period in October btwn 1000 and 840 and back, is that it is a reflex move and not indicative of anything other than a market trying to find itself...
In direct contrast of that would be a period like we the last three days, where the market moved much more intraday than daily - lots of noise, but the signal is flat.
Anyway, back to guesswork. The support at 880 simultaneously failed and succeeded. Intraday, we hit the aforementioned 870 which I also stated I would view as a failure of support at 880 and a call for 845. Nonetheless, the 880 range held strongly at each close, so I'm still waiting for a move to the next lower top in the new downtrend, around 910.
Fyi, went long those ultra etf's on Wed at 12:30ish.
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